US TO BLOCK ENI FROM RECEIVING OIL PAYMENTS FROM VENEZUELA

Italian oil and gas group ENI has confirmed that US authorities have notified it that it will no longer be allowed to receive oil payments from Venezuela’s state oil company PDVSA for gas production in Venezuela.

“ENI confirms that it has been informed that US authorities will no longer allow the company’s gas production (in Venezuela – ed.) to be paid for with PDVSA’s oil supplies. ENI continues to engage transparently with US authorities on this matter to identify options to ensure that sanctions-free gas supplies needed by the population can be paid for by PDVSA. ENI always operates in full compliance with the international sanctions regime,” the company said in a statement.

On March 24, U.S. President Donald Trump announced that he would impose a 25 percent tariff on third-party countries buying oil and gas from Venezuela starting April 2, following allegations that Caracas had been secretly sending criminals to the United States.