Although China and Russia are still receiving Venezuelan oil, those sales generate no income, dijo Russ Dallen del banco de inversión Caracas Capital Markets, because they were prepaid with loans that Maduro long ago spent.

Current shipments to China, dallen dijo, total 300,000 a 400,000 barriles por día, con 200,000 a 300,000 more going to Russia as its portion of a joint venture. An additional 400,000 barrels a day theoretically goes to India — where Russia owns one of two refineries that handle heavy Venezuelan crude — although Venezuela lacks the ultra-large tanker ships to make up for the long-distance transport costs.

Cheurón, which also operates a joint venture with PDVSA, still imports Venezuelan crude under a provision in the sanctions that gave it a six-month grace period.