---
title: "Orlen lost $230 million in failed Venezuelan oil deal"
publication: "MediaBias News"
url: "https://mediabias.news/business/orlen-lost-230-million-in-failed-venezuelan-oil-deal"
api: "https://mediabias.news/api/v1/stories/orlen-lost-230-million-in-failed-venezuelan-oil-deal"
markdown: "https://mediabias.news/business/orlen-lost-230-million-in-failed-venezuelan-oil-deal.md"
audio: "https://mediabias.news/api/audio/orlen-lost-230-million-in-failed-venezuelan-oil-deal"
category: "Business & Economy"
area: "Middle East"
published: "2026-09-15T19:05:17.470Z"
source_reported: "2026-09-15T17:59:23.000Z"
updated: "2026-09-15T19:05:17.470Z"
trust_score: 42
critic_score: 57
hype_score: 41
assessment_type: "coverage-and-source-reporting-analysis"
fact_check_status: "not-performed"
coverage_measured: "2026-09-15T20:15:18.344656+00:00"
---

# Orlen lost $230 million in failed Venezuelan oil deal

*Polish energy giant's attempt to bypass sanctions using cryptocurrency resulted in significant financial loss.*

**Scores for the source reporting** (0-100, assessing the original journalism this article was written from, not this write-up): 

- Trust 42 of 100, higher is better. The central claim is attributed to the Financial Times, with some details from Cointelegraph's full report.
- Craft 57 of 100, higher is better. Most outlets provided digests, limiting the depth of reporting and analysis available.
- Hype 41 of 100, lower is better. Headlines often emphasize the large sums lost and the cryptocurrency aspect, creating a sense of scandal.

Scored by MediaBias News; method at https://mediabias.news/methodology.

**The short version**

- Polish energy giant Orlen lost $230 million in a failed attempt to buy Venezuelan oil in late 2023.
- The transaction reportedly used Tether's USDT stablecoin as a method to circumvent US financial sanctions.
- The deal involved intermediaries and crypto transfers, with Orlen receiving only a fraction of the oil it paid for.
- Three former Orlen managers were indicted in August 2026 over oil contracts causing $378 million in damages.

Poland's state-controlled energy company Orlen lost $230 million in a failed attempt to acquire Venezuelan crude oil in late 2023. The deal, which involved intermediaries and cryptocurrency payments, was reportedly an effort to bypass US financial sanctions on Venezuela. Orlen paid an advance to a Dubai-based seller, Hannon International Middle East, but ultimately received only a fraction of the oil it purchased.

The transaction began when Orlen sought to purchase 6 million barrels of oil from Venezuela's state oil company, PDVSA. PDVSA reportedly demanded partial payment in USDT, Tether's stablecoin, to circumvent sanctions. Orlen sent $230 million to Hannon International Middle East on December 4, 2023. Hannon then engaged crypto brokers and intermediaries. Most of the funds disappeared through various crypto transfers, and Orlen eventually terminated the contract on March 28, 2024, after receiving only about $29 million worth of oil.

## Disagreements on total loss

Reports differ on the total financial loss incurred by Orlen. Cointelegraph, citing the Financial Times, states the company lost $230 million. However, infomoney.com.br suggests a loss of approximately $440 million. News-pravda.com and Haber7 report a loss of nearly $400 million, while crypto.news and DiarioBitcoin mention a $378 million loss case.

## What the coverage left out

None of the centre or right-rated reports mention the specific details of the legal proceedings in Poland, including the Warsaw Regional Prosecutor’s Office announcing an investigation into the oil contracts in January 2025, or the indictment of three former Orlen managers in August 2026 over crude oil contracts causing $378 million in damages, as detailed in the full report by Cointelegraph.

## Who covered it

Shares of the 9 covering outlets with a published leaning rating:

- Left: 0% (0)
- Centre: 56% (5)
- Right: 44% (4)

36 of 45 covering outlets carried no usable leaning rating and were excluded from those percentages. Coverage measured 2026-09-15T20:15:18.344656+00:00.

**Coverage watch:** developing. Checked 5 times; 0 checks found a material change. Most recently checked 2026-09-15T20:30:24.016Z.

## How the sides framed it

### Left

No separate framing summary.

### Centre

- Centre-rated reports focused on the details of the failed oil deal and the role of Tether's USDT stablecoin. Cointelegraph and The New York Ledger highlighted that USDT was used in the failed Venezuelan oil trade costing Orlen $230 million, noting PDVSA's demand for payment in USDT to bypass US sanctions. Radio France Internationale described the event as one of Poland's biggest financial scandals, with Orlen losing nearly $230 million. Portfolio reported on leaked details of Orlen's oil deal, while crypto.news noted Orlen's Swiss trading arm lost $378 million on 2023 oil contracts as investigators traced Venezuelan payments through intermediaries and crypto.

### Right

- Right-rated reports highlighted Orlen's attempt to circumvent sanctions and the resulting financial losses. Topwar.ru stated Poland tried to bypass sanctions and buy Venezuelan oil using cryptocurrency, leading to a $230 million loss for Orlen. Tv.info reported on indictments in the Orlen scandal, mentioning the Financial Times reported Orlen lost $230 million on unfavorable fuel transactions with Venezuela. News-pravda.com reported Orlen lost almost $400 million trying to buy Venezuelan oil while bypassing US sanctions. Vz.ru stated Poland lost hundreds of millions of dollars in the secret purchase of Venezuelan oil, with the company losing nearly $400 million in a failed attempt to purchase oil using cryptocurrency against American sanctions.

**Provisional coverage gap:** left. The watch is not closed, so this is not yet a settled blindspot finding.

## Factuality profile of the covering outlets

These are published factuality ratings of the outlets, not a verdict on whether this story or its claims are true.

- veryLow: 1
- low: 1
- mixed: 3
- high: 4
- unknown: 36

## Verification scope

This page compares coverage and scores the source reporting. It is not a ClaimReview verdict on whether the underlying event or claim is true.

## Original reporting this was written from

- [infomoney.com.br](https://infomoney.com.br/economia/polonia-se-envolve-em-escandalo-com-petroleo-da-venezuela-e-criptomoedas-diz-ft) — Poland Engages in Scandal with Venezuela's Oil and Cryptocurrencies, Says FT
- [Pentapostagma](https://pentapostagma.gr/kosmos/7389877_polonia-benezoyela-kai-ntoympai-mystiriodes-trigono-petrelaioy-f1-kai) — Poland, Venezuela and Dubai: The Mysterious Triangle of Oil, F1 and Cryptocurrencies
- [Financial Intelligence](https://financialintelligence.ro/cum-a-pierdut-gigantul-energetic-polonez-orlen-sute-de-milioane-de-dolari-incercand-sa-cumpere-petrol-venezuelean-printr-un-circuit-cu-criptomonede) — How the Polish Energy Giant Lost ORLEN Hundreds of Millions of Dollars Trying to Buy Venezuelan Oil Through a Cryptocurrency Circuit
- [www.economica.net](https://economica.net/afacere-complicata-in-polonia-in-care-e-implicat-gigantul-orlen-care-a-trimis-unui-intermediar-din-zona-cripto-230-de-milioane-de-dolari-pentru-a-cumpara-petrol-venezuelean-si-n-a-mai-vazut-nici-ban_976976.html) — Complicated and Grievous Business in Poland. State Giant Orlen Sent an Intermediary From the Crypto Area $230 Million to Buy Venezuelan Oil. And He Never Saw Either Money or Oil.
- [banker.bg](https://banker.bg/2026/09/15/kriptohazartat-na-polsha-petrol-veneczuela) — Poland's Crypto Gamble on Venezuelan Oil Ended in a $230 Million Loss
- [Radio France Internationale](http://rfi.fr/fr/europe/20260915-en-pologne-une-tentative-d-achat-de-p%C3%A9trole-en-cryptomonnaies-vire-au-fiasco-financier) — In Poland, an Attempt to Buy Oil in Cryptocurrency Turns Into a Financial Fiasco
- [Stirile Antena 1 Observator](https://observatornews.ro/extern/cum-a-pierdut-polonia-230-de-milioane-de-incercand-sa-cumpere-petrol-din-venezuela-cu-criptomonede-666293.html) — How He Lost Poland $230 Million Trying to Buy Oil From Venezuela with Cryptocurrencies
- [SpaceMoney](https://spacemoney.com.br/investimentos/criptomoedas/usdt-petroleo-orlen-230-milhoes) — USDT Appears in Oil Operation that Cost US$ 230 Mi
- [Haber7](https://ekonomi.haber7.com/ekonomi/haber/3659898-petrol-anlasmasi-kabusa-dondu-400-milyon-dolar-kaptirdilar) — Oil Deal Turns Into a Nightmare: They Lost $400 Million!
- [The New York Ledger](https://thenyledger.com/markets/crypto/usdt-payments-feature-in-polish-energy-giants-failed-230m-oil-deal) — USDT Payments Feature in Polish Energy Giant’s Failed $230M Oil Deal
- [Crypto Breaking News](https://cryptobreaking.com/usdt-in-polish-oil-deal) — USDT in Polish Oil Deal: FT Reports $230M Project Failure
- [BITRSS](https://bitrss.com/usdt-payments-feature-in-polish-energy-giant-s-failed-230m-oil-deal-ft-251457) — USDT payments feature in Polish energy giant’s failed $230M oil deal: FT
- [Coin Edition](https://coinedition.com/orlens-400m-oil-deal-collapse-highlights-stablecoin-risks-in-trade) — Orlen’s $400M Oil Deal Collapse Highlights Stablecoin Risks in Trade
- [Cointelegraph](https://cointelegraph.com/news/usdt-payments-polish-energy-giants-failed-230m-oil-deal) — USDT Payments Feature in Polish Energy Giant’s Failed $230M Oil Deal
- [topwar.ru](https://topwar.ru/289787-polsha-pytalas-obojti-sankcii-i-kupit-venesujelskuju-neft-za-kriptovaljutu.html) — Poland Tried to Circumvent the Sanctions and Buy Venezuelan Oil for Cryptating.
- [Banker.az](https://banker.az/polsa-nefti-venesueladan-kriptovalyuta-il%c9%99-almaga-calisark%c9%99n-230-milyon-itirib-ft-deyir) — Polsha Lost $230 Million Trying to Buy Oil From Venezuela with Cryptocurrency, Says "FT"
- [wprost](https://wprost.pl/kraj/12442911/oszukany-orlen-i-ropa-z-wenezueli-prokuratura-wydala-oswiadczenie.html) — Orlen Scammed Out of Several Hundred Million Dollars? The Prosecutor's Office Publishes a Statement
- [yenicaggazetesi.com](https://yenicaggazetesi.com/venezueladan-kriptoyla-petrol-alacaklardi-fatura-cok-agir-oldu-1072141h.htm) — They Were Going to Buy Oil From Venezuela Using Cryptocurrency: The Bill Turned Out to Be Very High.
- [tvp.info](https://tvp.info/95395751/akty-oskarzenia-w-sprawie-ropy-z-wenezueli-komunikat-prokuratury) — The Orlen Scandal: Three Indictments and an Extradition Request
- [antena3.ro](https://antena3.ro/externe/un-tun-de-230-de-milioane-de-dolari-cu-petrol-venezuelean-zguduie-polonia-banii-au-disparut-iar-petrolierele-au-ramas-goale-803303.html) — A $230 Million Cannon with Venezuelan Oil Shakes Poland: the Money Is Gone and the Oil Tankers Are Empty
- [ekonomim.com](https://ekonomim.com/kuresel-ekonomi/kriptoyla-petrol-almak-istedi-230-milyon-dolarini-kaybetti-haberi-918350) — He Wanted to Buy Oil with Cryptocurrency and Lost $230 Million.
- [DiarioBitcoin](https://diariobitcoin.com/venezuela/polonia-enfrenta-una-perdida-de-usd-378-millones-por-fallido-acuerdo-petrolero-con-venezuela) — Poland Faces Loss of USD $378 Million for Failed Oil Deal with Venezuela · Global Voices
- [Portfolio](https://portfolio.hu/global/20260915/kiszivarogtak-az-orlen-olajugyletenek-reszletei-862830) — Details of Orlen's Oil Deal Leaked
- [crypto.news](https://crypto.news/poland-faces-378m-loss-case-over-failed-venezuela-oil-deal) — Poland faces $378M loss case over failed Venezuela oil deal
- [Hospodárske Noviny](https://hnonline.sk/finweb/zahranicna-ekonomika/96302395-orlen-ziada-spat-230-milionov-dolarov-za-nedodanu-venezuelsku-ropu-pripad-preveruje-aj-polska-prokuratura) — Orlen Demands $230 Million Back for Undelivered Venezuelan Oil, Polish Prosecutor's Office Also Investigating the Case
- [pmo.ee](https://pmo.ee/8546294) — Polish Company Tried to Buy Venezuelan Oil with Crypto, but Was Spectacularly Deceived
- [Do Rzeczy](https://dorzeczy.pl/ekonomia/943207/afera-orlenu-financial-times-230-mln-na-rope-z-wenezueli-w-tle-kryptowaluty.html) — Financial Times Exposes Orlen Scandal: $230 Million Lost
- [1prime.ru](https://1prime.ru/20260915/orlen--873308640.html) — Orlen Lost $400 Million in Oil From Venezuela, Which Never Came.
- [Parkiet](https://parkiet.com/surowce-i-paliwa/art45142161-kryptowalutowy-skandal-w-orlenie-jak-wyparowaly-miliony-za-wenezuelska-rope) — Cryptocurrency Scandal in Orlen. How Millions Evaporated for Venezuelan Oil
- [Business Insider (Poland)](https://businessinsider.com.pl/gielda/ropa-z-wenezueli-to-za-ten-towar-zaplacil-orlen-i-nigdy-go-nie-dostal/g3bl3vz) — Orlen Paid for the Goods and Never Received Them. The Venezuelan Oil Scandal
- [BitHub.pl](https://bithub.pl/typ/orlen-stracil-16-miliarda-kupujac-wenezuelska-rope-za-kryptowaluty-srodki-przepadly-surowca-nie-ma) — Orlen Lost 1.6 Billion Buying Venezuelan Crude with Cryptocurrencies. The Funds Were Lost, and the Raw Material Is Gone.
- [Rzeczpospolita](https://energia.rp.pl/ropa/art45142011-kryptowalutowy-skandal-w-orlenie-jak-wyparowaly-miliony-za-wenezuelska-rope) — Cryptocurrency Scandal in Orlen. How Millions Evaporated for Venezuelan Oil
- [Life.ru](https://life.ru/p/polskiy-orlen-poteryal-ne-menee-424-mln-na-sdelkah-s-venesuelskoy-neftyu) — Polish Orlen Lost at Least $424 Million in Venezuelan Oil Deals.
- [Bankier.pl](https://bankier.pl/wiadomosc/Tak-Orlen-kupowal-wenezuelska-rope-za-kryptowaluty-Sledztwo-Financial-Times-9197031.html) — Cryptocurrencies, Venezuela, and Empty Tankers. The "FT" Investigation Reveals the Inside Story of the Orlen Scandal.
- [dunya.com](https://dunya.com/ekonomi/kriptoyla-petrol-alisverisi-pahaliya-patladi-avrupa-ulkesini-sarsan-skandal-haberi-840099) — Cryptocurrency-Based Oil Trading Backfired! Scandal Rocking a European Country - Dünya Gazetesi
- [European Business Magazine](https://europeanbusinessmagazine.com/polands-230mn-crypto-oil-gamble) — Poland’s $230mn Crypto Oil Gamble
- [RTVI](https://rtvi.com/news/polsha-poteryala-pochti-400-mln-pytayas-kupit-u-venesuely-neft-za-kriptovalyutu-na-fleshkah) — Poland Lost Almost $400 Million Trying to Buy Oil From Venezuela for a Flash Drive Crypt.
- [Karar Gazetesi](https://karar.com/dunya-haberleri/polonyanin-venezuela-petrolu-macerasi-husranla-bitti-230-milyon-dolar-2071989) — Poland's Venezuelan Oil Adventure Ends in Frustration: $230 Million Lost in Cryptocurrency Chain
- [news-pravda.com](https://news-pravda.com/world/2026/09/15/2592405.html) — The Polish energy concern Orlen lost almost $400 million while trying to buy oil from Venezuela, bypassing US sanctions
- [money.pl](https://money.pl/gospodarka/rozmowa-na-jachcie-i-230-mln-dol-ft-ujawnia-kulisy-afery-w-orlenie-7329609206646880a.html) — Yacht Conversation and $230 Million. FT Reveals Behind the Scenes of the Orlen Scandal
- [vz.ru](https://vz.ru/news/2026/9/15/1451473.html) — Poland Lost Millions of Dollars in the Secret Purchase of Venezuelan Oil.
- [Startup Fortune](https://startupfortune.com/orlen-sent-330-million-to-dubai-for-venezuelan-oil-and-got-nothing-back) — Orlen Sent $330 Million to Dubai for Venezuelan Oil and Got Nothing Back
- [Naftemporiki](https://naftemporiki.gr/finance/world/2161528/ft-pos-i-polonia-echase-230-ekat-dolaria-prospathontas-na-agorasei-petrelaio-tis-venezoyelas-me-kryptonomismata) — FT: How Poland Lost $230m Trying to Buy Venezuelan Oil with Cryptocurrencies
- [Cryptocurrency News | Cryptocurrency Prices | Market Cap](https://cryptocurrency.com.tr/poland-loses-400m-in-failed-cryptocurrency-oil-trade-with-venezuela-377805) — Poland loses $400M in failed cryptocurrency oil trade with Venezuela
- [Crypto Briefing](https://cryptobriefing.com/poland-230m-crypto-oil-trade-venezuela) — Poland loses $400M in failed cryptocurrency oil trade with Venezuela

## Questions

**How much money did Orlen lose in the failed oil deal?**

Orlen reportedly lost $230 million in a failed attempt to purchase Venezuelan oil in late 2023. Some reports suggest the total financial loss could be higher, with figures ranging up to $440 million.

**Why did Orlen use cryptocurrency for the oil purchase?**

The deal reportedly involved using Tether's USDT stablecoin as a workaround to circumvent US financial sanctions imposed on Venezuela. This allowed for payments that might have been blocked through traditional banking channels.

**What happened to the money Orlen paid?**

Orlen paid $230 million as an advance to an intermediary, Hannon International Middle East. Most of these funds disappeared through a complex series of cryptocurrency transfers involving various brokers, and Orlen received only a fraction of the oil it had paid for.

**Are there any legal proceedings related to the deal?**

Yes, the Warsaw Regional Prosecutor’s Office announced an investigation into the oil contracts in January 2025. In August 2026, three former managers at Orlen and its subsidiary Orlen Trading Services were indicted over oil contracts that caused $378 million in damages.

---

MediaBias News — https://mediabias.news. Reproduced from https://mediabias.news/business/orlen-lost-230-million-in-failed-venezuelan-oil-deal. Please cite as: MediaBias News, "Orlen lost $230 million in failed Venezuelan oil deal", https://mediabias.news/business/orlen-lost-230-million-in-failed-venezuelan-oil-deal