Why did Orlen use Tether (CRYPTO:USDT) in the Venezuelan oil deal?

Orlen Trading Switzerland used Dubai-based intermediaries after US sanctions restricted Venezuela’s access to dollar banking channels, with funds reportedly converted into Tether (CRYPTO:USDT).

What happened to Orlen’s $230 million payment?

Orlen Trading Switzerland paid $230 million upfront, but the expected Venezuelan crude was not delivered and the company has not recovered the funds.

How much Tether (CRYPTO:USDT) was reportedly transferred?

More than $132 million in Tether (CRYPTO:USDT) was reportedly handed to Venezuelan intermediaries using physical USB drives in Caracas.

What does the $50 million Tether (CRYPTO:USDT) shortfall involve?

A reported $135 million conversion produced only $85 million in Tether (CRYPTO:USDT), leaving a $50 million shortfall linked to a UAE court dispute.

Why are former Orlen managers facing charges?

Three former Orlen managers were charged in August 2026 over alleged negligent supervision of the transactions, while Orlen has said its review found inadequate security for about $390 million in advance payments.

Crime/Justice

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Poland's $424M oil loss exposes USDT risks

Written by Liezl GambePublished Sep 16, 2026, 3:03 AM

Poland’s Orlen paid $230 million upfront for Venezuelan oil that was never delivered.
More than $132 million in USDT was reportedly handed to intermediaries during the deal.
Three former Orlen managers face charges over alleged failures in supervising the transactions.

Poland’s state-controlled oil refiner Orlen paid $230 million upfront for Venezuelan crude that was never delivered.

Orlen Trading Switzerland used Dubai-based intermediaries after US sanctions limited Venezuela’s access to dollar banking channels.

More than $132 million in Tether (CRYPTO:USDT) was reportedly transferred to Venezuelan intermediaries using physical USB drives.

One $135 million conversion reportedly produced only $85 million in USDT, leaving a $50 million shortfall that remains tied to a UAE court case.

Orlen also incurred about $72 million in shipping costs after chartered tankers waited without receiving the expected oil cargoes.

The deal began in November 2023, when Orlen Trading Switzerland agreed to buy six million barrels of Venezuelan Merey 16 crude for about $345 million.

Polish prosecutors charged three former Orlen managers in August 2026 over alleged negligent supervision, while Orlen’s own review said about $390 million in advance payments lacked adequate security and the contracted deliveries never took place.