India Says No Plans For Oil Trade With Venezuela Using ‘petro’ Cryptocurrency


India Says No Plans For Oil Trade With Venezuela Using ‘petro’ Cryptocurrency

India said on Monday it had no plans to use Venezuela’s local cryptocurrency ‘petro’ in oil trade with the Latin American nation, which is facing sanctions from the United States.

Responding to a question at a news conference, India’s Foreign Minister Sushma Swaraj cited an order by the country’s central bank saying it did not allow trade using cryptocurrency.

Venezuela, whose oil output is falling under pressure from the U.S. sanctions, is offering discount on oil sales done in ‘petro’. Read More

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