Venezuela to use Petro for the purchase of Automobile parts from Russia

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Venezuela in a discussion to buy Russian Auto Parts utilizing Petro Digital Currency

Russia may permit Venezuela to buy automobile parts from a domestic manufacturer using its dubious state digital currency, the Petro. Both nations are currently subject to US sanctions.

Following a meeting between delegates of Venezuelan and Russian Governments Venezuela’s Foreign Trade Minister José Vielma Mora stated that attendees had addressed the plausibility of utilizing his country’s oil-backed digital currency, the Petro, to buy auto parts from the Russian automaker Kamaz.

As per an article, which is financed by many left-leaning Latin American governments, including Venezuela’s reports that the discussions by the Russian-Venezuela Mixed Commission further addressed the likelihood of using the Petro for the global transaction.

As per a report, José Vielma Mora announcement, recommends that Kamaz parts have earlier sent to Venezuela for assembly into vehicles, and this method would proceed under the proposed new arrangement.

According to José Vielma Mora, Russia is likewise interested in importing several Venezuela goods, including steel, aluminium, flowers, coffee, cocoa, industrial textiles, and footwear. Moreover, he stated, the nations are considering association across a range of sectors, from mining to shipping to the military.

Western Media outlets have lately thought that Russia helped Venezuela in the production of the token.

Venezuela President Nicolás Maduro has publicly expressed that the Petro scheme was meant to decrease the effect of these disciplinary measures on his nation’s economy. In the state, the probability of deal to swap Petro tokens for auto parts.

José Vielma Mora stated that the “economic blockade by the US against Venezuela and other countries aims to distort the economy and inhibit the economic growth of those countries.”

Last month U.S. President Donald Trump signed an executive order banning American citizens and residents from holding or using the Venezuelan crypto, the digital currency marketplace Bitfinex issued a statement declaring that it would not offer the digital assets to its clients.

The administration of President Nicolás Maduro launched the petrol in February. Officials in Caracas asserted they had raised $735 million with a pre-sale of the government-issued digital currency. More than 200,000 orders from 133 nations have been placed during the 30-day period.

Opposition Lawmakers in Venezuela have portrayed the Petro scheme as an illegitimate “forward sale of Venezuelan oil.”

Suzat Fernandes

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