$378M Loss Case Opens Against Poland Over Failed Venezuelan Oil Deals

A $378 million loss case has been opened against Poland over failed Venezuelan oil deals. Orlen Trading Switzerland, the Swiss trading arm of state-controlled energy group Orlen, agreed to purchase six million barrels of Venezuelan crude in a transaction valued at around $345 million.

The payment was made through Dubai-based Hannon International, with much of the money converted into Tether's $USDT as brokers attempted to arrange payment inside Venezuela.

Polish authorities are examining a larger set of transactions and have indicted three former managers over three oil contracts signed between August and December 2023. They could face up to 25 years in prison if convicted.