In a strategic pivot amid tightening U.S. sanctions, Venezuela’s state-run oil company, Petróleos de Venezuela S.A. (PDVSA), plans to increase cryptocurrency usage in its crude and fuel exports.
As the U.S. Treasury Department declines to renew critical licenses that facilitated oil trades, PDVSA is accelerating its shift towards digital currency to preserve trade continuity and financial stability, as reported by Reuters
Context and sanctions overview
The Biden administration has taken a firm stance on Venezuelan oil sanctions in light of the government’s failure to comply with agreements designed to ensure fair presidential elections in 2024. Specifically, the expiration of General License 44, which allowed transactions related to Venezuela’s oil and gas sector, marks a significant tightening of sanctions.
Nicolas Maduro and his representatives have not fully met the commitments made under the electoral roadmap agreement. Therefore, General License 44—which aut
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