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Orlen lost hundreds of millions paying for Venezuelan oil that never arrived amid US sanctions shifts

Market News
15 Sep 2026
AMBCrypto
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Bearish
Orlen lost hundreds of millions paying for Venezuelan oil that never arrived amid US sanctions shifts

Poland's state-controlled oil refiner Orlen paid over $230 million to Dubai-based intermediaries for Venezuelan crude oil that was never delivered. The transactions occurred during a brief easing of US sanctions on Venezuela in late 2023 and early 2024, involving complex payments in USDT cryptocurrency, some transferred via physical USB drives. Orlen faced additional losses from shipping costs for tankers that waited without receiving oil. Polish prosecutors indicted three former Orlen managers in 2026 for negligent supervision related to the failed deals. This case highlights risks in sanction-affected oil trades and the growing use of stablecoins like USDT in such transactions.

The story on Poland's Venezuelan oil deal and USDT loopholes provides context for cryptocurrency market activity. For readers following major cryptocurrencies on Pluang, as of Sep 16, 2026 07:21 WIB, only 4 of 50 major cryptocurrencies rose while 45 fell. Notable movers include SXP down 46.27% at Rp37, FIL down 12.96% at Rp14.423 with 70% sell orders, and BAL up 11.14% at Rp16.297.

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