RT.com
16 Nov 2023, 19:43 GMT+10
The two countries will switch to national currencies in trade, the Venezuelan foreign minister has announced
Moscow and Caracas are making progress towards de-dollarization and hope to switch to national currencies in trade soon, Venezuelan Foreign Minister Yvan Gil Pinto announced on Thursday.
Pinto, who is in Russia on a three-day official visit, was speaking at a joint press conference with his Russian counterpart Sergey Lavrov.
According to Pinto, the central banks in Moscow and Caracas are working on the technical and technological side of the planned switch. Both partners will be able to shift away from the US dollar and start using local currencies in cross-border transactions "very soon," he added.
The foreign minister also pointed out that the leading developing nations, particularly the BRICS countries (Brazil, Russia, India, China, and South Africa), are pursuing the de-dollarization policy in order to reduce the influence of the US dollar.
The global trend towards using national currencies in trade instead of the US dollar began to gain momentum last year after Ukraine-related sanctions saw Russia cut off from the Western financial system and its foreign reserves frozen.
Venezuela has also been the subject of sanctions by the US and the EU in recent years. According to Russian Foreign Minister Sergey Lavrov, Moscow and Caracas are working to expand mutual trade and investment in order to make their economies more sustainable in the face of Western pressure.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Sports Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sports Sun.
More InformationBOSTON, Massachusetts: Private equity investor William Chisholm has agreed to buy the Boston Celtics in a record-breaking deal worth...
(Photo credit: Troy Wayrynen-Imagn Images) Jayson Tatum and the surging Boston Celtics will continue their Western Conference swing...
(Photo credit: Jonathan Hui-Imagn Images) The Chicago Bulls will look to take down their second straight Western Conference contender...
(Photo credit: Brett Davis-Imagn Images) The Philadelphia 76ers and the Pelicans are limping to the season's finish line, and they...
(Photo credit: John E. Sokolowski-Imagn Images) The Washington Wizards and visiting Toronto Raptors -- two lottery-bound teams --...
(250324) -- HOUSTON, March 24, 2025 (Xinhua) -- Jalen Green (L) of Houston Rockets breaks through during the 2024-2025 NBA regular...
Washington [US], March 19 (ANI): The long-awaited sequel to the 1996 comedy Happy Gilmore is finally set to return to the golf course...
ESPN has re-signed NFL draft analyst Matt Miller, ensuring he remains a key part of ESPN's year-round NFL draft coverage, including...
On Wednesday, March 19, ESPN senior NFL draft analyst Mel Kiper Jr. held his first 2025 NFL draft media call following the release...
The Browns will hold the 33rd pick for the first time since 2018 Kelsey Russo The 2025 NFL Draft is officially one month away....
Green & White Added QB Justin Fields & Several Pieces on Offense in March Eric Allen Over the past week, the Jets have been active...
Tim Twentyman Name:Derrick Harmon Position:Defensive tackle School:Oregon Ht/Wt:6-4 1/2, 313 40-yard dash:4.95 seconds ...