Ralph Steinmann was indicted in the US for helping officials extract funds from the Venezuelan oil company PDVSA United States this Tuesday.

Ralph Steinmann, 48, and Luis Fernando Vuteff, 51, were indicted for participating in a $1.2 billion laundering from the oil company by Venezuelan PDVSA. Switzerland and an Argentine are accused of helping Venezuelan officials siphon funds from PDVSA between 2014 and 2018. In complicity with other actors, they are said to have discussed and agreed to create a sophisticated financial mechanism and maintain the contacts required to launder more than 200 million related dollars and open accounts in the name of at least two Venezuelan officials links so that they receive their bribes. If they are found guilty. Steinmann, Vuteff face up to 20 years in prison.