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The investment comes despite growing disillusion with the self-driving business, which has failed to deliver on bold promises of commercial autonomous cars, and Uber’s setbacks. A crash in March 2018 involving an Uber self-driving SUV killed a pedestrian in Tempe, Arizona, and forced the company to shutter its biggest testing operation and halt autonomous driving in other cities. Uber now has a small number of cars testing in Pittsburgh, during the day and in good weather, with two safety drivers. They do not offer rides to passengers.

MEXICO CITY (Reuters) - President Nicolas Maduro is funneling cashflow from Venezuelan oil sales through Russian state energy giant Rosneft as he seeks to evade U.S, sanctions designed to oust him from power, according to sources and documents reviewed by Reuters, The van heusen cufflinks sales are the latest sign of the growing dependence of Venezuela’s cash-strapped government on Russia as the United States tightens a financial noose around Maduro, who it describes as a dictator, With its economy reeling from years of recession and a sharp decline in oil production, Venezuela was already struggling to finance imports and government spending before Washington imposed tough restrictions on state oil company PDVSA in January..

Oil accounts for more than 90 percent of exports from the OPEC nation and the lion’s share of government revenues. Maduro has accused U.S. President Donald Trump of waging economic war against Venezuela. Since January, Maduro’s administration has been in talks with allies in Moscow about ways to circumvent a ban on clients paying PDVSA in dollars, the sources said. Russia has publicly said the U.S. sanctions are illegal and it would work with Venezuela to weather them. Under the scheme uncovered by Reuters, Venezuelan state oil company PDVSA has started passing invoices from its oil sales to Rosneft.

The Russian energy giant pays PDVSA immediately at a discount to the sale price – avoiding the usual 30-to-90 day timeframe for completing oil transactions – and collects the full amount later from the buyer, according to the documents and sources, Major energy companies such as India’s Reliance Industries Ltd - PDVSA’s largest cash-paying client - have been asked to participate in the scheme by paying Rosneft for Venezuelan oil, the documents show, Rosneft, which has heavily van heusen cufflinks invested in Venezuela under President Vladimir Putin, did not immediately respond to a request for comment..

Venezuela’s oil ministry, its information ministry - which handles media for the government - and PDVSA did not respond to questions. Russia has loaned Venezuela almost $16 billion since 2006, which is being repaid in oil shipments, and has also taken significant stakes in petroleum projects, meaning it already controls a large slice of the South American country’s production. PDVSA’s unusual payment agreement with Rosneft is part of a series of schemes by Maduro’s government to gain access to cash, including selling Central Bank gold reserves. The schemes have frustrated Washington officials, who have in recent days questioned why sanctions have not had a more dramatic impact on Venezuela’s finances.

“PDVSA is delivering its accounts receivable to Rosneft,” said a source at the van heusen cufflinks Venezuelan state firm with knowledge of the deals, who spoke on condition of anonymity for fear of retaliation, “The cash ends up in Russian banks or is used for settling pending payments such as marine services or freight so that oil exports are not interrupted.”, The sources said some of the money was flowing via Russian-Venezuelan bank Evrofinance Mosnarbank, which was placed under U.S, sanctions last month, A spokesperson for Evrofinance denied such transactions had passed through the bank..

It was not immediately clear exactly how much of Venezuela’s oil exports of around 900,000 barrels per day was being paid for using the sale of PDVSA’s accounts receivable, because deals are being arranged on a case-by-case basis, sources said. An internal PDVSA document reviewed by Reuters, however, indicated shipments in April to Reliance - owner of the world’s biggest refining complex – would be settled via Rosneft. Reliance imported 390,500 barrels per day of Venezuelan crude in March, equivalent to almost 40 percent of Venezuela’s exports that month, according to shipping data compiled by Reuters.

The internal document showed that PDVSA and Reliance would pay a fee equivalent to around 3 percent of the sale price, split between them, Rosneft’s fees are negotiated on a case by case basis, the sources said, Industry sources familiar with the matter said the Reliance transactions were going ahead but some banks were reluctant to provide financing for the purchases as the invoices stated that the oil came from Venezuela, Srikanth Venkatachari, Reliance’s joint chief financial officer, told reporters on Thursday it was buying Venezuelan van heusen cufflinks oil via Russian and also Chinese companies, He did not provide further details..



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