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Venezuela seeks to sell oil in currencies other than the dollar
10/9/2017 12:00 am [rtl] Caracas / AFP Venezuelan President Nicolas Maduro announced that his government will sell oil and a number of commodities in currencies other than the dollar in an attempt to circumvent US sanctions. "I have decided to start selling oil, gas, gold and other products exported by Venezuela in new currencies, including the Chinese yuan, the Japanese yen, the Russian ruble, the Indian rupee and others," Maduro said in a television interview. "The establishment of an economic system free of (American imperialism) is achievable," he said. US sanctions have banned US banks from buying new bonds to be issued by the Venezuelan government or dealing with the state-owned National Oil Company. US sanctions are aimed at "preventing the Maduro regime from having an important source of funding to ensure its continued rule." Fitch lowered Venezuela's credit rating, warning that the risk of default was more likely. The country has to pay $ 3.8 billion in debt payments in October and November, while its foreign exchange reserves have fallen below $ 10 billion. Venezuela has the world's largest proven oil reserves and is the source of 8 percent of US crude oil imports, making it the third largest supplier of crude oil to the country after Canada and Saudi Arabia. Venezuela's national oil company exports 1.9 billion bpd to the United States.[/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=143869[/rtl] |
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