Venezuela, Russia to Use Rubles in Trade to Bypass US Sanctions

Caracas, Jun 9 (Prensa Latina) Venezuela and Russia are working nowadays on the creation of a trade mechanism with payment in rubles to bypass the blockade imposed by the United States, Tareck El Aissami, Vice President of Economy, pointed out.

El Aissami, who is also Minister of Industry and Production, explained in Twitter that the option responds to the impossibility of operating with dollars, as well as the use of traditional banking systems, all affected by the Washington blockade.

‘We have established a payment mechanism to meet our obligations to Russia, and it will be in rubles’, El Aissami stressed on Twitter.

On the other hand, the Venezuelan Vice President declared that Caracas is assessing all the possibilities for increasing its cooperation with the Russian oil company Rosneft.

In that sense, the Minister announced that a delegation from Russia will visit Venezuela to ‘assess joint projects ‘in different sectors of the economy.

The Russian authorities, faced with the constant harassment of the finances and political stability of Venezuela, have expressed their economic and military support to the South American government, and both countries have announced their plan to eliminate the dollar from bilateral transactions.

lrg/mem/odf