DEFYING U.S. SANCTIONS: Venezuela to trade with Russia in rubles

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St. Petersburg – Caracas has created a mechanism to make payments with Russia in rubles, the Venezuelan vice president for economic affairs and Minister of Industry and National Production, Tareck El Aissami, said.

“We have evaluated all the mechanisms because US unilateral sanctions prevent the use of the traditional system and payments in dollars, so we have established a payment mechanism to comply with our commitments to Russia, and it will be in rubles,” El Aissami said during the St. Petersburg International Forum (SPIEF).

In addition, the vice president stated that Caracas is studying all possibilities to increase cooperation with the Russian oil company Rosneft.

“The relationship with Rosneft is a growing relationship, and all the options for further strengthening alliances with Rosneft are foreseen,” said the vice president.

El Aissami also said that soon a Russian delegation will visit Caracas to “evaluate projects” jointly in different economic sectors.

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“We evaluate all projects in the coming hours in the coming days, we hope to receive several delegations from various Russian sectors that will evaluate projects here in Venezuela,” said the vice president of Venezuela.

The XXIII International Economic Forum of St. Petersburg (SPIEF) is being held June 6-8. The Forum, organized annually, represents a platform for communication between representatives of the business community and discussion of key economic issues. As of 2006, SPIEF has come under the patronage of Russia’s President Vladimir Putin.

Putin said yesterday during his speech at the Economic Forum that is taking place in St Petersburg that the role of the dollar as the global reserve currency requires a redefinition.

Putin said that it is necessary to redefine the function of the US currency, which has turned into a tool of pressure against the rest of the world, and that confidence in the dollar is diminishing.

“[…] It is obvious that these profound changes require the adaptation of global financial institutions and a redefinition of the function of the dollar, which after becoming the world’s reserve currency has now become a tool of pressure of the issuing country against the rest of the world,” said the president of Russia.

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