Caracas and Moscow are negotiating how to most effectively abandon the use of US dollars in intergovernmental economic contracts. This was told by the envoy of Venezuela to the UN, Jorge Valero. He said that because of the sanctions, Caracas had already begun to try to carry out transactions in a different way than using US dollars, including through Petro's cryptocurrency.
However, the Venezuelan authorities intend to reach an agreement with their partner countries in order to switch to a relationship without the US dollar. In this regard, Caracas offers Moscow to completely eliminate dollar settlements between the companies of Venezuela and Russia and use either the Russian ruble only, or Petro.
The local currency is a sovereign Bolivar, which appeared after the denomination, is not popular even inside Venezuela due to the ongoing devaluation. Inside the Venezuelan economy, Petro calculations are used forcibly, in which the authorities pay wages to employees of companies and organizations from the public sector, as well as other cryptocurrencies.
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