Venezuela Moves PDVSA European Headquarters to Moscow

The government of Venezuela has made the decision to move its European office of the state oil company to Russia. The move comes as the company is under assault from the US and other imperialist countries. The Petróleos de Venezuela, S.A (PDVSA) is currently being moved from the Lisbon to Moscow to avoid any other attempts by the imperialists to harm the company.

Last month the US announced that there would be a freezing of the ability of the Venezuelan government to collect the profits from subsidiaries operating in the US. Instead, the profits will be held in an escrow account and be made available to the self-proclaimed (and imperialist backed) Venezuelan president Juan Guaido. The move was denounced as theft by the US government. One that the Venezuelan government is challenging in the appropriate court.

As a result, they’ve stopped sending heavy crude to the US to be refined. Since then the PDVSA has been looking for a new customer for its product. Previously the US purchased around 500,000 barrels of oil per day. Up until the US instituted economic penalties and freezing $7 billion in PDVSA assets.

It’s beginning to look like Venezuela will be using exports of heavy crude to cover interest payments on loans made from Russia. The crude could also be used for humanitarian aid amid the inhuman sanctions by the US, according to Anton Pokatovich, chief analyst at investment bank BKS Premier.

“Russia could develop the same mechanism the European Union is trying to currently deploy not to halt trading with Iranian crude sector,” the analyst told RT.

The move is a smart one. It seems very likely that Lisbon will place a freeze on the assets and materials in the PDVSA office at the request of the imperialists. Already the UK has refused to return $1.56 billion in gold which it is holding hostage. The UK media has stated that the decision to hold the gold was made by the Bank of England, not the government itself. Many rightfully are skeptical of the claim.

Once the move is complete the PDVSA will be in a more stable position, without having to worry about being seized. Attacks against the oil industry in Venezuela have been the cornerstone of the imperialist’s assault upon the country.