Russia’s largest oil producer, Rosneft, confirmed on Friday that it had discontinued all operations in Venezuela, including in joint ventures, trading, and oilfield services, as the top Russian firm looks to avoid further U.S. sanctions because of its business with Venezuela. At the end of March, Rosneft said it would be selling all its assets in Venezuela and was said to have canceled oil cargoes from the South American country after the United States hit Rosneft subsidiaries with sanctions due to their continued business with Venezuela. Rosneft announced the sale of its Venezuelan assets to a company 100-percent owned by the Russian government. Earlier this year, the United States slapped sanctions on Rosneft’s Swiss-based trading arm as part of its attempts to cut off all revenue streams to Nicolas Maduro’s government in Caracas. The U.S. has signaled that it is ready to tighten even more the noose around the […]