Russian oil giant Rosneft terminated operations in Venezuela and disposed of its assets relating to its operations there, the company announced late Saturday.
Rosneft said it was selling its Venezuelan business to a company wholly owned by the Russian government.
The sale includes "joint ventures of Petromonagas, Petroperija, Boqueron, Petromiranda, and Petrovictoria, as well as oil-field services companies, commercial and trading operations", according to the company's statement.
"As a result of the concluded agreement, all assets and trading operations of Rosneft in Venezuela and/or connected with Venezuela will be disposed of, terminated or liquidated," the statement read.
The company said that it would be receiving a settlement payment worth a 9.6 percent share of Rosneft's equity capital, which will be held by a subsidiary.
Earlier this year, the U.S. imposed sanctions on two Swiss-based Rosneft units - Rosneft Trading SA and TNK Trading International SA - for operating in Venezuela.
By Firdevs Yuksel