The US accused the oil brokerage subsidiary of handling over 70 percent of Venezuela's exports, in circumvention of US sanctions. Rosneft recently facilitated a shipment of 2 million barrels of Venezuelan oil to West Africa, one of the officials said.
The sanctions affect assets in the U.S. But those engaging in transactions with Rosneft Trading and Casimiro worldwide run the risk of being sanctioned, an official said.
The Venezuelan company has condemned the sanctions, calling them an attempt by the United States government to take control of the global oil market.
"Reliance will continue its direct communications with the US Government to ensure that Reliance's purchases of Venezuelan oil after the RTSA sanctions are both compliant with US sanctions and consistent with US policies regarding Venezuelan oil sector", the Indian refiner said in a statement.
Cuba, Russia, and China have afforded aid to Venezuela amid the harsh sanctions from the US, helping Maduro retain power in the country gripped by economic turmoil.
In 2019 Reliance's import of Venezuelan oil fell 15% to about 230,000 barrels per day (bpd), while that of Nayara Energy rose 55% to about 107,500 bpd, according to tanker arrival data obtained by Reuters.
The Trump administration on Tuesday announced sanctions against a Russian oil firm accused of supporting the Maduro regime - the latest in a string of actions aimed at forcing the embattled Venezuelan leader from power.
Rosneft has been Venezuela's main shipper of crude, which goes predominantly to refineries in India and China.
According to the Russian Embassy in Washington, sanctions against Rosneft Trading represent an example of unfair competition. This included its state-owned oil and natural gas company Petróleos de Venezuela.
The impact on Rosneft's core business of selling Russian oil on the global market is unclear. The sanctions allow 90 days for companies connected with Rosneft to extricate themselves and their interests. Recent company documents offering crude and refined oil products for sale don't mention the Switzerland-based trading arm.