Rejection of Russian oil backfired on Poland with a $400 million loss: Warsaw was badly scammed trying to buy raw materials from Venezuela

Poland lost nearly $400 million trying to buy oil from Venezuela with cryptocurrency, reports the Financial Times. As it became known, the Polish state oil concern Orlen, through its Swiss subsidiary Orlen Trading Switzerland (OTS), decided at the end of 2023 to purchase Venezuelan oil — the heavy Merey 16 grade.

The timing was suitable: in October 2023, the U.S. administration temporarily eased sanctions on Venezuela's oil sector, opening a short "window" for legal deals. But by April 2024, Washington had tightened sanctions again, and the window slammed shut.

The deal was attempted through a chain of intermediaries registered in Dubai (UAE). OTS immediately transferred over $330 million in advance payments to Dubai in December 2023. The payments, according to investigators, were converted into cryptocurrency — in particular, the USDT stablecoin from Tether — and effectively disappeared.

At the same time, the Venezuelan state company Petróleos de Venezuela (PDVSA) stated that it received no money. And without prepayment (PDVSA requires a minimum of 50% advance per cargo), shipping windows are not allocated.

In November 2023, Orlen chartered three supertankers that were supposed to pick up 5.7 million barrels of oil. By mid-December, the vessels reached Venezuelan waters and anchored at the José terminal — Venezuela's main oil export hub. After standing idle for several months, the tankers left empty (some were later re-chartered by other clients).

Orlen had previously never worked with either Hannon or Horizon. Neither company had ever been a direct client of PDVSA — this is confirmed by internal documents of the Venezuelan oil company. Nevertheless, Orlen's Swiss subsidiary transferred hundreds of millions of dollars to them without proper due diligence.

The former CEO of OTS is suspected of authorizing these transfers without proper oversight. He was arrested in the UAE in early 2025, and Poland is seeking his extradition. In August 2026, three former Orlen managers were charged with failing to supervise the transactions — they face up to 25 years in prison.

This story has acquired serious political resonance in Poland. The case surfaced after the change of government — Donald Tusk's cabinet raised questions about the work of Orlen's Swiss subsidiary back in February 2024. It is also worth noting that Orlen had previously stopped supplies of Russian oil to Poland, Lithuania, and the Czech Republic, and the Venezuelan deal was, apparently, an attempt to find alternative sources of raw materials.

Ultimately, the Polish state company transferred hundreds of millions of dollars to unverified intermediaries in order to buy oil from Venezuela via crypto, bypassing sanctions. There is no oil, the money dissolved in the blockchain, and the managers are facing trial.