Venezuela moves bank accounts after Exxon embargo

[phantom power]

CARACAS (Reuters) - Venezuelan state oil company PDVSA has moved its export payment accounts to UBS bank in Switzerland, traders said on Monday, after Exxon Mobil Corp secured an embargo of up to $12 billion of PDVSA's global assets.

Exxon Mobil won rulings from courts in the United Kingdom and the Netherlands that froze assets belonging to PDVSA in order to ensure compensation for President Hugo Chavez's takeover of a multibillion-dollar oil project last year.

A central bank director in Curacao said Exxon lawyers had told banks that one of the court rulings meant they had to at least maintain the current level of funds PDVSA holds in any account in the Netherlands Antilles island.

"It all has to go to UBS in Switzerland now," said one trader who asked not to be identified.

http://www.earthtimes.org/articles/show/185047,venezuela-moves-bank-accounts-after-exxon-embargo.html

[L0oniX]

1. Fuck Exxon

[phantom power]

2. That seems to be PDVSA's position, as well.

[endarkenment]

3. Exxon refused to negotiate over fair compensation

and then having refused to negotiate sought the protection of exxon friendly courts outside of Venezuela. Venezuela should do everything it can to assert its sovereignty in this matter and not be coerced by foreign powers.

[phantom power]

4. Isn't it funny how Exxon is essentially a "foreign power?"

Not exactly "ha ha" funny. More "insane killer clown" funny.

[endarkenment]

5. you're channelling Joe Pesci in Goodfellas

yeah - insane clown funny. I'm sure our strident defenders of corporate power will be here eventually explaining why Venezuela must be brought to heel.