Reason why Venezuela publish sale price of crude oil in Yuan not USD

Venezuela has begun publishing the sale price of its crude oil in Chinese yuan rather than U.S. dollars, as opposed to what is done in the global oil markets.

The country made the move from dollars to yuan after U.S. President Trump imposed sanctions on U.S. citizens from buying new debt from Venezuela or from its state oil company

Venezuela President, Nicolas Maduro said the change in currency is a way to avoid U.S. economic sanctions.

He stressed that the country’s move to use Chinese currency is to be free from the tyranny of the dollar.

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