The Polish Energy Concern Orlen Lost Almost $400 Million While Trying to Buy Oil From Venezuela, Bypassing US Sanctions
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6 Articles
The Polish energy giant Orlen lost hundreds of millions of dollars because of a failed deal to buy Venezuelan oil that bypassed US sanctions. The Polish energy company Orlen lost nearly $400 million because of a failed attempt to purchase Venezuelan oil for cryptating against American sanctions, wrote Financial Times. The deal in 2023 attempted to organize the Swiss subsidiary Orlen. It transferred advance payments to Hannon International and Go…
The Polish energy concern Orlen lost almost $400 million while trying to buy oil from Venezuela, bypassing US sanctions
The Polish energy concern Orlen lost almost $400 million while trying to buy oil from Venezuela, bypassing US sanctions.According to the Financial Times, in 2023, the Swiss "subsidiary" of the company tried to purchase Venezuelan oil through...
Orlen Sent $330 Million to Dubai for Venezuelan Oil and Got Nothing Back
Poland's state refiner Orlen sent $330 million to two Dubai-based middlemen for Venezuelan crude that never showed up. Prosecutors now believe the money was converted into cryptocurrency and disappeared, with total losses near $400 million and three former managers facing up to 25 years in prison.
An ambitious attempt by Polish state-controlled Orlen to buy cheap oil from Venezuela has turned into a financial and political nightmare: $230 million in advances remain to be recovered. The total… FT: How Poland lost $230 million trying to buy Venezuelan oil with cryptocurrencies - ΙΝΑΦΤΕΜΟΠΟΡΙΚΙ
Crypto Briefing
Cryptocurrency News | Cryptocurrency Prices | Market CapPoland loses $400M in failed cryptocurrency oil trade with Venezuela
Poland's $400M loss highlights the risks of crypto in sanctioned trades, underscoring vulnerabilities in global oil markets and regulatory gaps.
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