Poland's state-controlled energy group Orlen has been drawn into a $378 million criminal case over three failed Venezuelan crude oil contracts after new reporting traced part of a $230 million payment through Tether's USDT.
The Financial Times reported on Sept. 15 that Orlen Trading Switzerland, Orlen's Swiss trading arm, agreed in late 2023 to buy roughly six million barrels of Venezuelan Merey 16 crude in a transaction valued near $345 million. OTS advanced approximately $230 million through Dubai-based Hannon International, and much of the money was reportedly converted into USDT as brokers tried to arrange payments inside Venezuela.
Warsaw prosecutors indicted three former managers on Aug. 7 over three oil contracts signed between August and December 2023. They allege the decisions caused $378 million, or about PLN 1.5 billion, in damage to Orlen and OTS. The defendants could face up to 25 years in prison if convicted.
Reuters reported in 2024 that OTS sent a combined $330 million to two Dubai-based intermediaries: Hannon International received about $230 million and Horizon Global received another $100 million. Investigators said PDVSA, Venezuela's state oil producer, did not receive the expected money and therefore did not allocate the crude cargoes. Tankers chartered for the trade waited near Venezuela before leaving without the planned shipments.
The FT's later investigation said much of the $230 million Hannon payment was 'largely transferred as Tether (USDT)' through a series of intermediaries. It also described traders moving the information needed to complete digital-asset transactions while trying to pay Venezuelan brokers. The available reporting does not establish that cryptocurrency itself caused the commercial loss.
USDT had become part of Venezuela's oil payment system as U.S. sanctions complicated access to conventional banking. PDVSA had already been moving more crude and fuel sales toward USDT, and some new customers were being asked to hold crypto wallets or make 50 percent prepayments in USDT for spot cargoes.
Separately, former OTS chief Samer A. remains subject to Poland's extradition request from the United Arab Emirates after being detained in January 2025. His case concerning the same group of contracts is being handled separately. The charges remain allegations and have not been proven in court.
