In the aftermath of US sanctions, the Russian oil company Lukoil has suspended its contracts with Venezuela's PDVSA

The sanctions imposed by the United States on PDVSA have dealt a severe blow to Nicolás Maduro's regime. And the effects begin to appear. This Tuesday, just a day after the announcement of the US Treasury Department, The Russian oil group Lukoil, one of the largest in the country, has suspended its contracts with the Venezuelan state company.

"Lukoil, one of PDVSA's leading petroleum product suppliers, has frozen its contract with Venezuela today"said the correspondent of the US newspaper in Russia.

The reporter added that, according to merchants and a PDVSA supply officer, Tuesday At least six "Russian oil traders" have suspended their contracts with the Venezuelan company.

"It threatens to leave the company without gasoline and diluent to transport its crude oil," Kurmanaev warned.

He also explained that PDVSA "still has ten days of gas supply".

The Russian journalist acknowledged that oil companies such as Lukoil can resume their deliveries, but for this "they need guarantees against sanctions and price increases".

This context puts Chavismo in a dead end. In addition to the decision of at least six merchants, the Russian Finance Ministry issued a statement calling on the Venezuelan regime to pay more than $ 100 million.

"No changes have been made to the agreement and, as a result, Venezuela must respect the obligations it has badumed vis-à-vis the creditor," said the ministry's statement.

Sergei StorchakPutin's deputy finance minister acknowledged that it was possible for Caracas to have problems paying off his debt, according to the agency. Reuters.

Russia has invested billions of dollars in Venezuela, mainly through the semi-public oil company Rosneftled by the influential Igor Sechin, very close to Putin, who travels frequently to Caracas.

Rosneft participates in several oil and gas exploration and production projects in Venezuela, alongside PDVSA.

Hard blow for Chavez

The sanctions against PDVSA, besides representing a problem for the Venezuelan energy sector, could also have serious political effects for the Maduro regime.

The measure applied by Donald Trump's government comes at a time when the Venezuelan state's crude oil production is 1.3 million barrels a day, the lowest in three decades.

Despite the constant tensions between Caracas and Washington, since Chavismo came to power 20 years ago, The United States remains the largest customer of Venezuelan oil.

The penalties consist of $ 7,000 million blockade of PDVSA's badets. In addition, Citgo – a subsidiary of the company in the United States – can operate as long as it deposits its profits in a blocked account.

80% of cash from crude sales comes from this relationship, according to the company Econbadítica, since exports to the allied countries of Maduro As Russia or China are mainly engaged in the payment of debt.

Nevertheless, Moscow has repeatedly agreed to restructure this debt.

Effects on the market

Brent barrel from the North Sea for delivery in March completed at $ 61.32 at the Intercontinental Exchange (ICE) in London, $ 1.39 more than at the end of Monday.

On the New York Mercantile Exchange (Nymex), the barrel of "light sweet crude" (WTI) for the same delivery It increased $ 1.32 to $ 53.31 at closing.

"US buyers of Venezuelan crude oil will have to pay through a third party," he told AFP. Olivier Jakob, a Petromatrix badyst, who added that this would result in "stopping crude oil flows in the United States".