As of early 2026, Italian energy group Eni has resumed receiving Venezuelan oil as payment for its gas production in the country, following a significant shift in U.S. sanctions policy. This allows Eni to address a substantial debt for gas supplied to the Venezuelan domestic market.
In March 2025, the U.S. had ordered a halt to Eni’s “oil for debt” swaps with Venezuela’s PDVSA, causing significant payment difficulties.
Reports in February 2026 indicate a “green light” for major companies to engage in these transactions.
Eni and other European firms have been struggling to recover over $6 billion in debt owed for gas production, while U.S. competitors have secured better terms.
Note by Alessandro Bazzoni