Polands state-controlled oil refiner Orlen is making headlines, but not for the right reasons.
According to the Financial Times report, the Polish oil company paid hundreds of millions of dollars in advance for Venezuelan oil. But the oil was never delivered, and the money eventually was not recovered.
Dubai-based intermediaries took things down the hill
For background, the state-controlled oil refiner operates through various subsidiaries, including Orlen Trading Switzerland. In late 2023 and early 2024, the subsidiary was trying to buy Venezuelan crude oil.
At that time, there was a temporary change in U.S. sanctions policy that allowed certain transactions involving Venezuelan oil.
Hence, instead of buying the crude directly from Venezuela, Orlen Trading Switzerland dealt with two Dubai-based intermediaries. For this, they reportedly converted their money into USDT and moved through Dubai-based intermediaries.
USDT payments spoiled the broth
So, all this happened wherein more than $132 million in USDT was allegedly transferred through physical USB drives. Meanwhile, one $135 million conversion reportedly resulted in only $85 million, leaving a $50 million shortfall tied up in a UAE court.
And then came the tankers Orlen had chartered that waited without receiving oil, adding around $72 million in shipping costs. In these payment series, one company, Hannon International Middle East DMCC, received approximately $230 million.
Whereas another intermediary, Horizon Global, received around $100 million. Unfortunately, these payments were essentially made ahead of oil deliveries, which at last never arrived.
How did U.S. sanctions act as a catalyst？
Needless to say, Venezuelas oil industry has faced heavy U.S. sanctions, but restrictions were temporarily eased in October 2023, allowing certain oil transactions.
Orlen appears to have entered its deals during this window, before sanctions were tightened again in April 2024. By then, Orlen had already paid Dubai-based intermediaries for crude that never arrived.
In response to this mishap, Polish prosecutors indicted three former Orlen managers in August 2026 over allegations of negligent supervision.
USDT continues to beat competitors
This comes as Venezuelas USDT trading on Binance P2P reached a record $1.4 billion between mid-June and mid-July 2026, averaging $44 million daily. And USDT continues to top the stablecoin market in terms of overall transaction volume.
Source: Visa on-chain analyticsFinal Summary
- Orlen had already paid Dubai-based intermediaries for crude that never arrived.
- Venezuelas oil industry faced heavy U.S. sanctions, but restrictions were temporarily eased in October 2023.