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Venezuela quotes oil in Chinese yuan after US sanctions

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Staff Writer | September 19, 2017
Venezuela has decided to receive payments for its oil exports in currencies other than the U.S. dollar.
Venezuela oil
Oil exploration   An "oppressive currency"
The move is a reaction to the recent sanctions imposed by the US government against the South American country.

This week, oil was quoted for the first time in Chinese yuan by the Venezuelan Ministry of Petroleum, at 306.26 yuan per barrel, equivalent to $46.75.

The new system, launched in early September, "is based on the use of freely convertible currencies, such as the yuan, the euro, the Japanese yen, rupees (from India) and international.

To break the dollar's chains as an "oppressive currency," Venezuelan President Nicholas Maduro said, quoted by the official Venezuelan News Agency.

In mid-August, the U.S. President Donald Trump signed a decree imposing a sanctions package on Venezuela that bans negotiations on new government-issued debt and assets from state-owned oil company PDVSA.