UPDATE: Official: US may slap sanctions on Rosneft for Venezuelan oil trade

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MOSCOW, Sep 10 (PRIME) -- Washington does not rule out introduction of sanctions against Russian oil company Rosneft for increased trade of Venezuelan oil, U.S. Special Representative for Venezuela Elliott Abrams said at a phone briefing on Tuesday.

The U.S. authorities have been noticing a rise in dependence of Venezuelan company PDVSA and of the local authorities on the Russian government and Rosneft this year, as increasing volumes of Venezuelan oil are sold to Rosneft which resells the oil and gets profit, Abrams said.

Rosneft issued a statement saying that the mentioned oil supplies are taking place in the framework of older contracts and any attempts to limit Rosneft in return of its investments will be qualified as expropriation of the investments by the U.S.

“In this context, the company reserves the right to protect its investments in corresponding national and international legislations,” the company said. “Rosneft thinks that the current statements by the U.S. authorities pursue formation of an additional agitation on the global market which affects the investment price of the company. Rosneft is ready for an open dialogue with the U.S. authorities to clarify its position.”

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