Venezuela has grown increasingly dependent on one little-known trading firm in Mexico to help sell its crude abroad as the country faces U.S. sanctions starving it of oil profits in a campaign to oust President Nicolas Maduro. Late last year, traders with decades of experience in the tight-knit Latin American oil market had never heard of Libre Abordo SA de CV, a trading company based in Mexico City. Today, it is one of the few — and one of the largest — buyers of Venezuelan oil.
Libre Abordo said it’s unaware of any investigation being carried out by the U.S. government. The firm isn’t subject to primary or secondary sanctions because it’s supplying humanitarian aid to Venezuela in exchange for commodities, and the arrangement doesn’t result in financial gain for the company or the Venezuelan government, Libre Abordo said. Jomadi didn’t respond to requests for comment. Treasury Department and FBI spokespeople declined to comment.
