Economy

VENEZUELA: Country And Russia Seek Alternatives To US Sanctions

VENEZUELA: Country And Russia Seek Alternatives To US Sanctions”

US refiner Phillips 66, which in July did not receive supplies of Venezuelan oil, in August imported 121,000 bpd of Merey heavy crude, according to the data.

On Thursday, Venezuelan dictator Nicolas Maduro announced he would seek to "liberate" Venezuela from the us dollar by using the weakest of two official foreign exchange regimes and a basket of currencies.

US President Donald Trump introduced new sanctions against Venezuela in August to put financial pressure on President Nicolas Maduro's government, over its plan to rewrite the country's constitution through a National Constituent Assembly, a new body elected in late June.

Venezuela and Russian Federation are expected to establish a strategic alliance to create alternatives to the economic sanctions imposed by the United States against the South American country.

According to the Wall Street Journal, Venezuela made this decision in a response to the U.S. sanctions introduced last month.

President Donald Trump's administration in August imposed sanctions meant to disrupt PDVSA and the Venezuelan government's ability to raise new debt, and banned Citgo from transferring dividends or other profits to its parent company.

Venezuela is the third largest crude oil supplier to the United States, accounting for 8 percent of total US imports in 2016, official figures from the US Energy Information Agency showed. The popular unrest has been fueled by the government's response to low oil prices, which has included efforts to fix the value of the currency, resulting in long lines, failed businesses and empty shelves.



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