Venezuela to sell oil in Indian rupee

[abu bakr]

http://www.financialexpress.com/mar...e-chinese-yuan-among-other-currencies/848997/


Venezuela to sell oil in Indian rupee, Chinese yuan among other currencies


Venezuelan President Nicolas Maduro announced his government will sell oil and other commodities in currencies like the Indian rupee, Chinese yuan and Japanese yen, in a bid to weather US-imposed sanctions on the embattled country.
By: AFP | Caracas | Updated: September 10, 2017 10:05 AM

The country has to make USD 3.8 billion in debt payments in October and November, while its foreign currency reserves have sunk under USD 10 billion. (Representative Image: Reuters)

Venezuelan President Nicolas Maduro announced his government will sell oil and other commodities in currencies like the Indian rupee, Chinese yuan and Japanese yen, in a bid to weather US-imposed sanctions on the embattled country.

“I have decided to start selling oil, gas, gold and all other products that Venezuela sells with new currencies, including the Chinese yuan, the Japanese yen, the Russian ruble, the Indian rupee among others,” he said during a television broadcast. “A economy free from the US imperialist system is possible.”

Washington’s tough new sanctions on Caracas bar US banks from trading in new bonds issued by the government or the state run oil company PDVSA. The goal is to restrict Venezuela’s access to vital bond and equity markets.

The aim is to “deny the Maduro dictatorship a critical source of financing to maintain its illegitimate rule,” the White House said.

Maduro railed that they amounted to a financial and economic blockade, as ratings agency Fitch downgraded Venezuela and warned default was now likelier.

The country has to make USD 3.8 billion in debt payments in October and November, while its foreign currency reserves have sunk under USD 10 billion.

 

[lcafanboy]

This can be a significant development, if Indian Govt. can convince other oil suppliers like Iran, Malayasia and even UAE, Saudi Arabia, we can not only save a significant amount of FOREX but it would also help Indian Currency Rupee to become a part of Global Forex Reserve and push Indian currency's value up greatly enhancing India's GDP. Also it will help improve exports as Indian Rupee could be used to Import goods & Services from India............

 

[Razor]

Western friend gadhafi tried something similar.
Soon he became western enemy, and eventually some (*cough US backed cough*) terrorists killed the alleged dictator and anally violated him (wtf)
The country which had highest per capita in African continent was soon reduced to rubble and infested with AQ/Isis type terrorists.
Something tells me same fate awaits poor maduro.

 

[ezsasa]

if i remember correctly venezuela has a high sulphur content based crude oil. America has refineries which are built specifically for this type of crude oil on their west coast. Probably we won't be importing any more than we usually do.