Is Russia Really Going To Trade In El Petro?

[Rodent + 1,424]

Rumor has it that Russia may support Venezuela's Petro by using it in "international transactions".

Russia has a huge interest here--but will they really start trading in El Petro?

https://www.express.co.uk/finance/city/941422/Petro-news-Russia-Venezuela-petro-Donald-Trump-cryptocurrency

 

[Mauricio Machado + 28]

23 minutes ago, Rodent said:

Rumor has it that Russia may support Venezuela's Petro by using it in "international transactions".

Russia has a huge interest here--but will they really start trading in El Petro?

https://www.express.co.uk/finance/city/941422/Petro-news-Russia-Venezuela-petro-Donald-Trump-cryptocurrency

 

Hey @Rodent I truly don't think Russia is taking this "Petro" currency as something serious, this is basically a way for sanctioned officials to go around U.S. sanctions and move money.

However, it is not approved by the elected congress (interesting to note we have two congresses acting at the same time, one was elected by the people, one was put in place after the government saw the need to "be democratic" for appearances).

This "Petro" is not in the constitution and it is illegal.

Besides that, they are supposedly pairing it with oil reserves, but we all know that Venezuela's oil reserves belong to China and Russia.

The only way this could happen is, if Russia buys more oil from Venezuela, pays in "Petros" and then whenever they (Venezuelans) try to exchange these "Petros" for anything other than trash, Russia will say no thank you and get some free oil. Maybe?

Hope you're doing good! Take it easy!

[TraderTate + 186]

also heard recently that someone was suggested Venezuela could pay down its debt to Russia in Petros, which Russia summarily dismissed as not feasible. 

[kshithij Sharma + 78]

19 hours ago, Rodent said:

Rumor has it that Russia may support Venezuela's Petro by using it in "international transactions".

Russia has a huge interest here--but will they really start trading in El Petro?

https://www.express.co.uk/finance/city/941422/Petro-news-Russia-Venezuela-petro-Donald-Trump-cryptocurrency

 

Petro is a very unstable currency and is unlikely to be used by any player. Russia is a big country with lot of resources and foreign power muscle. Venezuela on the other hand is a small and poor country. The oil reserves of venezuela is also not oil but tar sands and is mixed with imported oil to make it less viscous. Venezuela is a poor country by all means. It is almost impossible for a big country like Russia to trade in the currency of Venezuela. Trading in Yuan, EU, Rupee may be more realistic as these are big economy backed currency.

[Mauricio Machado + 28]

5 hours ago, kshithij Sharma said:

Petro is a very unstable currency and is unlikely to be used by any player. Russia is a big country with lot of resources and foreign power muscle. Venezuela on the other hand is a small and poor country. The oil reserves of venezuela is also not oil but tar sands and is mixed with imported oil to make it less viscous. Venezuela is a poor country by all means. It is almost impossible for a big country like Russia to trade in the currency of Venezuela. Trading in Yuan, EU, Rupee may be more realistic as these are big economy backed currency.

https://www.worldatlas.com/articles/the-world-s-largest-oil-reserves-by-country.html

Just saying.

[kshithij Sharma + 78]

8 hours ago, Mauricio Machado said:

https://www.worldatlas.com/articles/the-world-s-largest-oil-reserves-by-country.html

Just saying.

Do you really think that Saudi Arabia has 270 GBL oil? Does it jever deplete despite extraction of 165GBL till date? Similarly, Kuwait, UAE also have extracted about 55 GBL each oil already. They have about 40GBL left each. Likewise, the figures of Iraq should be 55GBL remaining.

About Venezuela and Canada, most of the oil in it are tar sands which is not oil but an intermediate between oil and coal. It is a jelly like substance made of bitumen. It can't be considered as oil.