Cryptocurrencies
Venezuela’s Demand for Payments in Crypto Pauses on Some Oil Purchases
- Port fees must be paid in sanction-hit Petro starting Monday
- Oil buyers are wary about potentially violating sanctions
Nicolas Maduro speaks during a news conference on the country's cryptocurrency, known as the Petro, in Caracas.
Photographer: Carlos Becerra/BloombergThis article is for subscribers only.
Some buyers of Venezuelan crude oil have halted purchases after the country started demanding payment of port fees in its failed cryptocurrency.
Exports of at least 1 million barrels of oil were put on hold after the government announced this week that certain maritime fees, currently paid in euros, must be paid in Petros starting Monday, according to people with knowledge of the situation. Buyers worry the payment may be in violation of sanctions after the U.S. targeted the cryptocurrency, calling it a “scam.”