Russian Ministry of Finance: Venezuela Will Not Pay Out National Dept in Cryptocurrency Petro

Published on 28 Mar. 2018
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The debt of Venezuela to Russia is 3.15 billion dollars, and it has to be paid out in the next ten years. And the South American country will not pay the debt with its oil cryptocurrency.

On Tuesday, the informational agency Reuters reported that Konstantin Vyshkovskii, the head of the Department of State Debt in the Ministry of Finance of the RF, told journalists that Venezuela hadn’t offered to pay the part of the debt with the cryptocurrency, launched in February.

Vyshkovskii’s remarks appeared after the publication in the Time Magazine several days ago, where the magazine reported that the Russian president Vladimir Putin had personally approved Petro as the instrument for avoiding the USA sanctions and had described the launching of the cryptocurrency as the “cooperation” between two countries.

The deputy head of the Information and Press Department Artem Kozhin rejected the claims that the Russian officials had helped Venezuela in developing oil cryptocurrency.

However, Time Magazine wrote about the Russian billionaires Denis Druzhkov and Fedor Bogorodskii who, according to the magazine’s sources, had been helping in developing the Venezuelan Petro.

Kozhin called this information fake news claiming that Russian financial bodies had never taken part in Venezuelan project. He added that the meeting of the Minister of Finance of Russia Anton Siluanov and the Minister of Economics and Finance of Venezuela Simon Zerpa in many aspects hadn’t been related to the cryptocurrency.

Kozhin added:

Indeed, during the meeting on February 21, 2018, the Minister of Economics and Finance of Venezuela Mr. Zerpa gave the Minister of Finance of the Russian Federation the booklet about the cryptocurrency, exclusively with the aim of informing the Russian partners about the project.

The president of Venezuela Nicolas Maduro had repeatedly assured the international community that Petro had raised about 5 billion dollars, but the country didn’t provide any evidence of that. It is unclear how much money the national cryptocurrency really brought to the government. Meanwhile, the selling of Petro continues, and now one can purchase it for several foreign fiat currencies, although it is unavailable for the Venezuelan bolivars.

By the way, on the 19th of March, the president of the USA Donald Trump signed up the new sanctions against Petro, legally codifying the attempts of the American government to protect Americans from the investing to the doubtful cryptocurrency. 

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