Financial news

Venezuela makes Russian debt repayment in rubles to bypass US sanctions

By  | 

Via RT Business

Caracas has transferred to Moscow its latest scheduled debt repayment using the ruble, according to Russian Deputy Finance Minister Sergey Storchak.

Russia offers all its debtors the opportunity to make payments in rubles, the official told Russian business outlet RBC on Tuesday. It was earlier reported that Venezuela transferred a payment on a $3.15 billion loan from Moscow, but the currency and amount paid were not disclosed.

Also on
Venezuela may switch from SWIFT to Russian payment system to skirt US sanctions – report

The Venezuelan government is facing harsh restrictions from Washington, including sanctions on its oil sector, which is vital to the nation’s revenue. As the country’s central bank was also included in the US hit list, it became almost impossible for the regulator to transfer payments in US dollars.

In April, Caracas made a payment of around $100 million to Russia and was initially expected to transfer another $200 million in autumn. At the time, there were reports that Venezuela may use barter, including paying in oil or gold.

For more stories on economy & finance visit RT’s business section

Print Friendly, PDF & Email

Hold dit netværk orienteret

READ ALSO  Walt Disney's Iger steps down as CEO, parks head Chapek to take reins