The Venezuelan oil company PDVSA is preparing to integrate Tether to evade US sanctions: initial experiments initiated in 2023.
According to Reuters, PDVSA, the state oil company of Venezuela, is accelerating the integration of Tether (USDT) into its business operations in order to circumvent new sanctions from the United States. This move aims to protect revenues from oil sales, preparing for a potential freeze of foreign bank accounts.
Reasons behind the move
PDVSA’s action comes following the decision by the US Department of the Treasury not to renew the license to operate in the United States. Additionally, the US Department has set May 31st as the deadline to conclude all operations by the company. This maneuver is part of Washington’s efforts to exert pressure on Venezuela to make political changes. This will make it more difficult for Venezuela to increase its oil production and exports, as companies will need specific authorization from the United States to do business with the country.
