Poland's state-controlled oil refiner Orlen paid hundreds of millions of dollars in advance for Venezuelan oil that was never delivered, according to a Financial Times report. The funds were not recovered.
In late 2023 and early 2024, Orlen Trading Switzerland, a subsidiary of the state-controlled refiner, sought to purchase Venezuelan crude oil during a temporary window when U.S. sanctions restrictions were eased in October 2023. Rather than buying directly from Venezuela, the company worked with two Dubai-based intermediaries and converted payments into USDT stablecoin.
Payment Complications and Losses
The transaction structure involved several major financial losses. More than $132 million in USDT was allegedly transferred through physical USB drives. One conversion of $135 million resulted in only $85 million received, leaving a $50 million shortfall tied up in a UAE court.
Dubai-based intermediary Hannon International Middle East DMCC received approximately $230 million from Orlen, while another intermediary, Horizon Global, received around $100 million. These payments were made in advance of oil deliveries that ultimately never arrived.
Orlen also chartered tankers to receive the oil, incurring approximately $72 million in shipping costs as the vessels waited without cargo.
Regulatory Response
U.S. sanctions on Venezuela's oil industry were tightened again in April 2024, after the temporary easing period ended. Polish prosecutors indicted three former Orlen managers in August 2026 over allegations of negligent supervision in connection with the failed deal.
