Polish State-Owned Firm Loses $345 Million in Venezuelan Oil Scam

OTS, a Swiss trading subsidiary of Polish oil refiner Orlen, lost approximately $345 million after attempting to purchase Venezuelan crude oil using USDT. The deal, which involved intermediaries to bypass US sanctions, resulted in the funds disappearing through a network of brokers. The Venezuelan state oil company PDVSA refused to load the cargo, and the incident has led to investigations and legal action against former executives, including former OTS CEO Samer Awad.