In what is set to be a major blow to the U.S.’ increasingly fragile “petrodollar” system, Venezuela announced on Wednesday that it would no longer accept U.S. dollars as payment for its crude oil exports. According to the Wall Street Journal, Venezuela has begun using euros in lieu of the dollar and will convert existing cash holdings into euros as
Venezuela Accused Of Drug Trafficking After Dropping U.S. Petrodollar
U.S. President Donald Trump recently signed a determination that singles out Venezuela for failing to adhere to counternarcotics obligations. The accusation came – perhaps not so coincidentally – on the same day that Venezuela declared it will no longer participate in the U.S.’ petrodollar trade system.