September 16, 2017 – Fort Russ News – Paul Antonopoulos
Venezuela on Friday began to shun the US dollar and started reporting prices for its crude oil in the Chinese Yuan.
“This format is the result of the announcement made on September 7th by the President (Nicolas Maduro)… that Venezuela will implement new strategies to free the country from the tyranny of the dollar,” the Venezuelan Oil Ministry said in a statement after the price bulletin was posted.
Venezuela, the country with the largest oil reserves in the world, made the move after a string of sanctions placed on the country by the United States.
Washington claims the sanctions are intended to “deny the Maduro dictatorship a critical source of financing.”
A move away from the dollar seeks to minimize the damage the sanctions will have on the country and demonstrates that in the age of multipolarity that US sanctions can have a minimal affect.
“The market is dominated by transactions with the U.S: dollar, and we must develop other ways to conduct international transactions,” the Finance Minister, Ramon Lobo said to VTV last weekend.