is considering to close mutual trade settlements with using the ruble, Russian -backed TV channel RT on May 17. Jorge Valero.
Venezuela’s representative to the in Geneva said they are also discussing uses for the state-owned Petro () .
Valero reportedly revealed that Venezuelan authorities are now working with Russia to find opportunities for eliminating the use of the in trade deals between the two countries.
As such, the two countries’ authorities are purportedly mulling the use of the Russian ruble, as well as Venezuela’s oil-backed Petro digital currency, a project that was first in February 2018.
Amid the economic collapse in Venezuela that is worsened amid , as well as the ongoing , Valero also expressed his hopes of getting Russian support in restructuring Venezuela’s foreign debt.
The Venezuelan Petro, which was designed to combat poverty and hyperinflation, was criticized by global experts for lacking global exposure. Some also questioned whether the coin was actually back with Venezuelan oil, as reported by . Following the launch of the coin, U.S. President Donald American citizens from purchasing Petro in March 2018.
Recently, the U.S. Treasury Department Moscow-based bank Evrofinance Mosnarbank to its sanctions list due to an allegation that the bank represented a “primary international financial institution willing to finance” Petro. In the statement, the Treasury described the Petro as a failed project attempted to help Venezuela avoid U.S. financial sanctions.
In April, an adviser to the President of Russia to adopt a digital currency in Crimea to attract investors and avoid sanctions.
Published at Fri, 17 May 2019 18:41:23 +0000