Monday, February 11, 2008
PDVSA has moved its export payment accounts to UBS bank in Switzerland
Venezuelan state oil company PDVSA has moved its export payment accounts to UBS bank in Switzerland, traders said today, after Exxon Mobil secured an embargo of up to $12 billion of PDVSA's global assets. A central bank director in Curacao said Exxon lawyers had told banks that one of the court rulings meant they had to at least maintain the current level of funds PDVSA holds in any account in the Netherlands Antilles island.
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The only way for the PDVSA is to use banks that that are not in any of form associated with the European Union and the U.S. where ever possible.
ReplyDeleteAs we have seen in the past, the U.S. government has pressured other countries into doing its dirty work. Hence, Venezuela has no choice but to find another route.