In November 2023, Orlen Trading Switzerland transferred $230 million to Dubai-based company Hannon International for the purchase of Venezuelan Merey 16 crude oil without any guarantees or collateral. The funds were converted into Tether and transported to Caracas via USB drives to bypass US sanctions targeting PDVSA. In the end, only one cargo worth approximately $28.8 million was delivered, while three oil tankers waited off the Venezuelan coast. Orlen recorded a depreciation of approximately 1.6 billion zlotys, equivalent to between $400 and $424 million. Three former executives of the group were indicted in August for failure of supervision and face up to 25 years in prison.
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