Polish state-controlled oil refiner Orlen lost approximately $400 million in failed crude oil deals with Venezuela. The funds were transferred through Orlen Trading Switzerland to two Dubai-based intermediaries, Hannon International Middle East DMCC and Horizon Global, which received $230 million and $100 million respectively.
The transactions were initiated between late 2023 and early 2024, during a period when the United States temporarily eased sanctions on the Venezuelan oil sector. However, the oil deliveries never occurred, and the payments were allegedly converted into cryptocurrencies and vanished.
Polish prosecutors estimate the total losses at 1.6 billion zloty, or roughly $400 million, including prepayments and demurrage costs for idle tankers. In August 2026, three former Orlen executives were indicted for negligent supervision and face up to 25 years in prison.
Venezuela has increasingly utilized stablecoins like USDT for oil transactions to bypass traditional banking sanctions. In 2025, the country recorded approximately $44.6 billion in crypto transaction flows, largely driven by the energy sector's adoption of digital assets.
