2 cups vegetable oil preferably cottonseed oil, for frying
Sugar for dusting
In the bowl of a stand mixer dissolve the yeast in the warm water with a little bit of condensed milk and let this sit for 15 minutes (mixture will become foamy).
Add remaining ingredients. Using a dough hook, knead until dough is smooth. If kneading by hand, knead until dough is smooth.
Cover the bowl with plastic wrap and leave it in a warm place to rise until doubled in size (around 40 minutes).
Flour a work surface to roll out the dough to about ¼ inch (1cm) thick. Cut dough with a floured donut cutter. If you don’t have a donut cutter use a round mold to make the donuts. To make the hole in the middle use a small mold. You could also make the donuts without the hole in the middle.
After shaping the donuts, place them on a floured plate, side by side.
Let donuts rise until doubled in size (height).
Put 3 to 4 inches of vegetable oil in a frying pan and let it reach 370F (190C).
Fry 1 or 2 donuts at a time and flip from time to time.
Drain on a paper towel-lined plate.
Transfer to a serving plate and dust with lots of sugar. Serve warm.