Rosneft on brink of closing trading arm hit by US sanctions

FINANCIAL TIMES 🔒| Russian state-controlled oil producer Rosneft is on the brink of closing its trading arm, two months after the unit was placed under US sanctions for handling Venezuelan crude. A winding-down of the Geneva-based operation is under way, according to two people with knowledge of the situation, while some employees have been sent home in recent weeks and senior staff have been looking for jobs elsewhere. The US Treasury imposed sanctions on Rosneft Trading in February for buying and selling Venezuelan oil, a move that in effect banned all other parties from any dealings with the company.

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