Poland's state energy group Orlen says Venezuela oil trade tied to USDT cost it at least $424 million
AI Market Summary
Reports allege Poland's Orlen lost at least $424m in a Venezuela crude deal where portions of an advance payment were converted into USDT and routed via intermediaries, with $132m in USDT reportedly disappearing. While primarily an idiosyncratic fraud/controls story tied to sanctions-era commodity trade, it can marginally raise compliance and counterparty-risk scrutiny around USDT usage in cross-border energy transactions.
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Poland's state-owned energy company Orlen has suffered losses estimated at no less than $424 million from a Venezuelan oil purchase that involved payments routed partly in USDT, the Financial Times reported, citing its investigation.
Orlen paid $230 million in advance to Dubai-based trader Hannon International for about 6 million barrels of Venezuelan crude. The company ultimately received only around 500,000 barrels of fuel oil.
The report said a portion of the funds was converted into USDT and, through intermediaries, delivered to parties in Venezuela. Hannon said at least $132 million in USDT was handed to two intermediaries who later disappeared.
Including costs such as tanker charters and legal fees, the Polish government estimates total losses at a minimum of $424 million. Orlen is pursuing arbitration in an effort to recover the upfront payment.
