Advertise
CoinTrust
BTC
ETH
BCH
SOL
DOGE
SHIB
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
No Result
View All Result

Home » Russia & Venezuela Discuss Using Petro & Russian Ruble To Circumvent Sanctions

Russia & Venezuela Discuss Using Petro & Russian Ruble To Circumvent Sanctions

Kelly Cromley by Kelly Cromley
May 19, 2019
in Market News, News
Reading Time: 2 mins read
0

Using the ruble, Venezuela plans to complete bilateral trade settlements with Russia. Venezuela’s official representative to the UN office in Geneva, Jorge Valero, disclosed the details. The envoy noted that Venezuelan government-sponsored oil-backed crypto El Petro (PTR), introduced in 2018, is also being discussed by the nations.

Caracas fixed the petro’s value to the cost of one barrel of Venezuelan oil. Venezuela’s regional currency, the bolivar, was also linked to El Petro last summer by the govt. Valero allegedly disclosed that Venezuelan officials are now collaborating with Russia to discover ways to eliminate the use of the greenback in trade agreements between both nations.

As such, the officials of the two nations are allegedly weighing up the use of the ruble, in addition to the oil-backed Petro crypto currency of Venezuela, a contentious initiative that was started in February 2018.

Multiple penalties imposed by the US on Venezuela compelled the Bolivarian Republic to cease using the euro for its global operations. Last October, it switched to the euro. The nation also began to swap crude oil for imported goods. As per the International Monetary Fund’s prediction, Venezuela is presently attempting to overcome one of the worst financial collapses in history with hyperinflation reaching 10,000,000% this year.

In the midst of Venezuela’s global financial crisis, deteriorated by fresh US penalties, and also the continuing presidential crisis, Valero also voiced his wishes for Russian assistance in clearing the international debt of Venezuela.

The ambassador noted that the U.S. sanctions against the petroleum industry in Venezuela, along with freezing its bank accounts, had a huge adverse effect on the economy of the country. The policies robbed the Latin American country of unrestricted access to global economic assistance and petroleum industry investment. Global specialists have condemned the Venezuelan Petro, which was intended to fight poverty and hyperinflation, for absence of worldwide visibility. Some also wondered whether Venezuelan oil genuinely backed the petro.

The US President Donald Trump issued a blanket ban on American residents from buying Petro in March 2018 following the release of the petro. Lately, Moscow-based financial institution Evrofinance Mosnarbank has been added to the sanctions list by the U.S. Treasury Department because of a claim that the bank was a “primary international financial institution willing to finance” Petro.

The Treasury defined the Petro as an unsuccessful venture that sought to assist Venezuela in preventing US economic penalties. In April, a consultant to Russia’s president suggested adopting a Crimean electronic currency to attract shareholders and prevent penalties.

Previous Post

Facebook Registers New Fintech Firm in Switzerland With Focus On Payment

Next Post

World Bank, CBA Partner to Facilitate Recording Of Secondary Bond Trading on Blockchain

Related Posts

ripple-blockchain-adoption

XRP Ledger Ventures into Genomics with Blockchain Identity Mesh

by Kelly Cromley
Jun 14, 2025
0

The XRP Ledger has expanded its role in the decentralized ecosystem by incorporating biometric identity features through a groundbreaking innovation...

shopify-adopts-stablecoin-payments

Shopify Expands into Stablecoin Payments with Coinbase and Stripe

by Kelly Cromley
Jun 14, 2025
0

Shopify has taken a significant step toward embracing digital currencies by enabling its merchants to accept stablecoin payments through a...

XRP Price if Ripple Captures 14% of SWIFT Market Share in 5 Years

XRP Price if Ripple Captures 14% of SWIFT Market Share in 5 Years

by Mostafijur Rahman
Jun 13, 2025
0

Ripple’s vision of replacing or supplementing parts of the legacy SWIFT system is not new—but what if it actually happened...

sft-luffa-partner-for-secure-web3-messaging

SFT and Luffa Unite to Secure Web3 Messaging

by Kelly Cromley
Jun 13, 2025
0

SFT Protocol, a notable player in the decentralized finance landscape known for enabling liquidity in staked assets, has announced a...

quackai-soonchain-decentralized-gaming-partnership

Quack AI and SoonChain Join Forces to Revolutionize Decision-Making in Decentralized Gaming

by Kelly Cromley
Jun 13, 2025
0

Quack AI, an established platform specializing in artificial intelligence-driven governance solutions, has announced a strategic partnership with SoonChain, a progressive...

Ethereum’s Polygon Inks Two Deals to Bring DeFi, Decentralized Insurance & NFT to Enterprises

Polygon Bridges POL Token to Solana with Wormhole Integration

by Kelly Cromley
Jun 13, 2025
0

Polygon, a leading Layer 2 scaling solution for Ethereum, has announced plans to extend the functionality of its native POL...

Next Post
World Bank, CBA Partner to Facilitate Recording Of Secondary Bond Trading on Blockchain

World Bank, CBA Partner to Facilitate Recording Of Secondary Bond Trading on Blockchain

  • blackrock invests in colle web3

    COLLE: Pioneering AI Web3 Platform Receives Investment Boost from BlackRock

    by Kelly Cromley
    May 13, 2024
  • Router Protocol and OpenWorldSwap Partnership to Revolutionize DEX Market

    by Kelly Cromley
    Aug 6, 2024
  • Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements

    by Kelly Cromley
    Aug 17, 2023
  • GameStop’s Digital Transformation: Embracing Blockchain and NFTs

    by Kelly Cromley
    Feb 2, 2025
  • Blockchain Based Sports Platform SportsMint Unveiled

    by Kelly Cromley
    Apr 30, 2024

Recent News

ripple-blockchain-adoption
Market News

XRP Ledger Ventures into Genomics with Blockchain Identity Mesh

by Kelly Cromley
Jun 14, 2025
shopify-adopts-stablecoin-payments
Market News

Shopify Expands into Stablecoin Payments with Coinbase and Stripe

by Kelly Cromley
Jun 14, 2025
sft-luffa-partner-for-secure-web3-messaging
Market News

SFT and Luffa Unite to Secure Web3 Messaging

by Kelly Cromley
Jun 13, 2025
quackai-soonchain-decentralized-gaming-partnership
Market News

Quack AI and SoonChain Join Forces to Revolutionize Decision-Making in Decentralized Gaming

by Kelly Cromley
Jun 13, 2025
Ethereum’s Polygon Inks Two Deals to Bring DeFi, Decentralized Insurance & NFT to Enterprises
Market News

Polygon Bridges POL Token to Solana with Wormhole Integration

by Kelly Cromley
Jun 13, 2025

Categories

  • Altcoin News
  • Analysis News
  • Binance Coin News
  • Bitcoin News
  • Blockchain
  • Blog
  • Cardano News
  • Ethereum News
  • ICO News
  • Legislation News
  • Market Forecasts
  • Market News
  • News
  • Ripple
  • Ripple News
  • Solana News
  • Tether News
  • XRP

Cointrust

  • About Us
  • Contact Us
  • Correction Request
  • Our Team

Legal

  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy

Popular

  • ICO Listings
  • Knowledge Base
  • All about Mining
  • Cryptocurrency Exchanges
  • How and Where to buy Cryptocurrency

Sitemap

  • News section
  • Sitemap
  • XML Sitemap

© 2024 CoinTrust.com.

CoinTrustCoinTrust

* DISCLAIMER: All information provided in CoinTrust is merely for informational purposes, we are not an investment advisor and not affiliated with any companies or ICO/Cryptocurrency Projects. To use this website you must accept our cookie policy, Disclaimer and Privacy Policies.

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos

© 2024 CoinTrust.com.

We use cookies to ensure that we give you the best experience on our website.
If you continue to use this site you agree to allow us to use cookies, in accordance with our Cookie Policy.
I Agree