U.S. government freezes assets of Mexican companies linked to Venezuelan oil trade

“MX” for Borderland Beat; USDT
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Chart displaying the criminal network (source: USDT) |
As the illegitimate Maduro regime has done before, the regime turned to Petroleos de Venezuela, S.A. (PdVSA), its primary conduit for corruption, and the institutions that no longer serve its people, to exploit and profit from Venezuela’s natural resources. Maduro’s oil minister and U.S.-designated Kingpin Tareck El Aissami Maddah (El Aissami) has enlisted a network of facilitators, some of whom are designated today, to orchestrate opaque schemes to broker the re-sale of over 30 million barrels of Venezuelan-origin crude oil in order to benefit from the proceeds.
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Guanajuato-native Joaquin Leal Jimenez was the lead Mexican individual sanctioned |
Saab and Leal, working with Mexico-based companies Libre Abordo and Schlager Business Group, brokered the re-sale of over 30 million barrels of crude oil on behalf of PdVSA, approximately 40% of PdVSA’s oil exports in April 2020. Though Libre Abordo and Schlager Business Group claimed to have contracts with the Government of Venezuela to deliver corn and water tanker trucks to Venezuela, Libre Abordo and Schlager Business Group failed to deliver corn to Venezuela and sent approximately 500 water trucks (only half of what was contracted) at grossly inflated prices. This does not match the amount of PdVSA crude oil that was lifted and re-sold by Libre Abordo and Schlager Business Group, valued in excess of $300 million.
In July 2019, it signed two contracts with the Corporacion Venezolana de Comercio Exterior S.A. (CORPOVEX), the Venezuelan government-owned corporation for foreign trade, to supply corn and tanker trucks to Venezuela. In lieu of pre-payment for the contracted corn and water trucks, Libre Abordo agreed to lift and broker the sale of Venezuelan-origin crude oil supplied by PdVSA in a scheme orchestrated by Saab and El Aissami.
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The U.S. government ID’ed the Mexican nationals and included their personal information |
In January 2020, Libre Abordo and Schlager Business Group accounted for approximately three percent of PdVSA’s exports. By April 2020, that figure rose to almost 40 percent of PdVSA’s exports. Libre Abordo played a critical role in helping PdVSA liquidate a significant amount of its inventory and drain its limited oil storage facilities.
As of May 31, 2020, when Libre Abordo claimed that it was bankrupt, it lifted and re-sold over 30 million barrels of Venezuelan crude oil. Libre Abordo was designated today for operating in the oil sector of the Venezuelan economy and because it has materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, PdVSA.
Schlager Business Group was designated today for operating in the oil sector of the Venezuelan economy and because it has materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, PdVSA.
Leal was designated today for operating in the oil sector of the Venezuelan economy and for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, PdVSA.
ENTITIES DESIGNATED FOR BEING OWNED OR CONTROLLED BY BLOCKED PERSONS
Also designated today are four entities owned or controlled by Leal or Zepeda:
– Cosmo Resources Pte. Ltd. (Cosmo) is a Singapore-based entity incorporated in February 2020. According to corporate records, Cosmo’s principal activities are the wholesale of crude petroleum, mineral fuels, and lubricants. Leal is the sole shareholder and a director of Cosmo. Cosmo is being designated for being owned or controlled by Leal.
– Alel Technologies LLC (Alel) is a limited liability company incorporated in the State of Delaware managed by Leal. Alel has registrations in California and Texas, as well as an alleged business location at a residential address in Boston, Massachusetts. Alel is being designated for being owned or controlled by Leal.
– Luzy Technologies LLC (Luzy) is a limited liability company incorporated in the State of Delaware, with an alleged business location at a residential address in Boston, Massachusetts. Luzy is being designated for being owned or controlled by Leal.
– Washington Trading Ltd. is a United Kingdom-based limited liability company incorporated in February 2020. Zepeda is the sole shareholder and a director of Washington Trading Ltd. Washington Trading Ltd. is being designated for being owned or controlled by Zepeda.