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Venezuela Looking at Crypto Shift as Oil Sanctions Return: Reuters

OIL

Venezuela’s PDVSA plans to increase digital currency usage in its crude and fuel exports as the US reimposes oil sanctions, according to Reuters.

  • The US reimposed sanctions from April 18 after it said Venezuela’s government had failed to make the necessary steps towards free and fair elections.
  • By the end of Q1, Venezuela had moved to spot deals not involving swaps to a contract model demanding prepayment of half the cargo value in USD.
  • Any new customer must also now hold cryptocurrencies in a digital wallet.
  • Sources told Reuters that transactions in USDT (cryptocurrency) do not pass traders’ compliance departments, so will require middlemen. Intermediaries were a key part of the Venezuelan trade under sanctions.
  • While this strategy could help circumvent sanctions, it will mean it receives a smaller proportion of oil sales, and likely at discounted prices.
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