In late 2023, the Polish energy company Orlen attempted to purchase 6 million barrels of Venezuelan crude oil from the state-owned firm PDVSA. The deal involved advance payments in Tether USDT, which PDVSA requested to bypass US financial sanctions.
Orlen transferred $230 million to the Dubai-based intermediary Hannon International Middle East on December 4, 2023. Hannon engaged various brokers to convert funds into USDT, but the majority of the capital was lost through a complex series of crypto transfers.
The transaction resulted in Orlen receiving only about $29 million worth of oil. The contract was terminated on March 28, 2024, after the company received approximately 500,000 barrels of fuel oil, which was only a fraction of the original order.
The Warsaw Regional Prosecutor’s Office launched an investigation into the contracts in January 2025, citing damages of PLN 1,5 billion, or approximately $378 million. In August 2026, three former Orlen and OTS managers were indicted in connection with the case.
