Venezuela tries to evade US sanctions through rubles and cryptocurrency transactions

Venezuela tries to evade US sanctions through rubles and cryptocurrency transactions

Translator: Play the coin family ElaineHu

Venezuela and Russia are negotiating the use of rubles in bilateral trade settlements, thereby abandoning the dollars commonly used in transactions between countries. In addition, the two countries are considering the use of Venezuelan oil-linked cryptocurrency petroleum Petro as another trading medium.

Venezuelan representative to the United Nations Jorge Valero told the Russian House of Representatives media, Russia Today, about the upcoming trade plan.

Through the plan, Venezuelan oil coins are linked to the value of oil per barrel, and Venezuela’s currency Bolivar is linked to the value of oil coins. Venezuela hopes to avoid US economic sanctions by decoupling from the dollar, which is part of this process. According to media reports, the country also plans to "replace crude oil for imported products."

According to media reports,

“The diplomat stressed that the US sanctions on the Venezuelan oil industry and the freezing of its US dollar account have had a huge negative impact on the country’s economy. These measures have deprived the Latin American country of access to international financial support and investment in the oil industry. ".

After the listing of the Venezuelan oil currency Petro, the US Treasury imposed sanctions on the Venezuelan government and its cryptographic exchange Evrofinance. The Venezuelan Ministry of Finance said that "the practice of launching oil coins on the Evrofinance platform shows that Maduro hopes that the oil coins will help Venezuela bypass the US financial sanctions."

However, because there is no online cryptocurrency exchange, Venezuela can't really use cryptocurrency for payment. Even after a few months of hard work, it will eventually be able to bypass the US economic sanctions and save the Venezuelan economy and bring the local economy back on track. ?