Russia Uses Its Oil Giant, Rosneft, as a Foreign Policy Tool<br />President Nicolás Maduro of Venezuela was all smiles this month on a visit to Moscow seeking fresh<br />financial backing, thanking Vladimir V. Putin “for your support, both political and diplomatic.”<br />Moscow, through the state oil giant Rosneft, is trying to build influence in places where the United States has stumbled or power is up for grabs.<br />Last year, Rosneft took a 49.9 percent stake in Citgo, the Venezuelan state oil company’s refining<br />subsidiary in the United States, as collateral for a $1.5 billion loan to the Venezuelan company.<br />Over the past three years, Russia and Rosneft have provided Caracas with $10 billion in financial assistance,<br />helping Venezuela stave off default at least twice under the weight of as much as $150 billion in debt.<br />“They really give the Russian government unbelievable leverage on questions of importance to the United States.”<br />The new push by Rosneft follows a clampdown on Russia.<br />Rosneft is negotiating with the Venezuelan state oil company to trade its collateral in Citgo for stakes in oil fields, as a way to gain more reserves at bargain basement prices<br />and avert any sanctions or other legal issues with Washington.<br />In April, Rosneft went further, providing a $1 billion advance payment for crude oil produced by<br />the state oil company, crucial aid for it to make nearly $3 billion in payments to bondholders.
