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VENEZUELA STOPS ACCEPTING DOLLARS FOR OIL PAYMENTS FOLLOWING U.S. SANCTIONS
Venezuela’s government looking for ways to bypass U.S. sanctions, is telling oil traders that it will no longer receive or send payments in dollars, reports The Wall Street Journal’s Anatoly Kurmanaev.
The measure is designed to circumvent financial sanctions President Donald Trump’s administration leveled against the country’s government last month for jailing political opponents and consolidating power.
“Oil traders who export Venezuelan crude or import oil products into the country have begun converting their invoices to euros. The state oil company Petróleos de Venezuela SA, known as PdVSA, has told its private joint venture partners to open accounts in euros and to convert existing cash holdings into Europe’s main currency,” reports the Journal.
Maintaining the flow of oil revenue is a priority for President Nicolás Maduro’s, who is facing falling crude output and an economy mired in debt.
Venezuela Says No to Dollars for Oil Payments—Energy Journal
Venezuela’s government looking for ways to bypass U.S. sanctions, is telling oil traders that it will no longer receive or send payments in dollars, reports The Wall Street Journal’s Anatoly Kurmanaev.
The measure is designed to circumvent financial sanctions President Donald Trump’s administration leveled against the country’s government last month for jailing political opponents and consolidating power.
“Oil traders who export Venezuelan crude or import oil products into the country have begun converting their invoices to euros. The state oil company Petróleos de Venezuela SA, known as PdVSA, has told its private joint venture partners to open accounts in euros and to convert existing cash holdings into Europe’s main currency,” reports the Journal.
Maintaining the flow of oil revenue is a priority for President Nicolás Maduro’s, who is facing falling crude output and an economy mired in debt.
Venezuela Says No to Dollars for Oil Payments—Energy Journal