Venezuela is considering to close mutual trade settlements with Russia using the ruble, Russian government-backed TV channel RT reports on May 17. Jorge Valero.
Venezuela’s representative to the United Nations in Geneva said they are also discussing uses for the state-owned Petro (PTR) cryptocurrency.
Valero reportedly revealed that Venezuelan authorities are now working with Russia to find opportunities for eliminating the use of the United States dollar 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 controversial project that was first launched in February 2018.
Amid the economic collapse in Venezuela that is worsened amid new U.S. sanctions, as well as the ongoing presidential crisis, Valero also expressed his hopes of getting Russian support in restructuring Venezuela’s foreign debt.
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