Orlen's Failed Oil Trade Linked to USDT Results in $424 Million Loss

Polish state-owned energy firm Orlen reported a loss of around $424 million (approximately 57.11 billion KRW) after a failed oil transaction linked to USDT payments in Venezuela, as reported by the Financial Times (FT). FT noted that Orlen's Swiss trading subsidiary OTS had pre-paid for 6 million barrels of Meray 16 crude oil from Venezuela, paying approximately $23 million (around 30.98 billion KRW), but most of the promised oil was not delivered. The transaction involved USDT payments, and transportation costs increased due to undelivered oil. In Poland, criminal investigations and charges against former Orlen executives related to this deal are ongoing.