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News Link • Venezuela

Dropping the Dollar: Venezuela Lists Oil Price in Chinese Yuan

• http://russia-insider.com, RT

In response to sanctions from Washington, Venezuela has started reporting its oil prices in Chinese yuan, going against the international trend of listing prices in US dollars.

On Friday, the weekly Oil Ministry bulletin published its prices for September in yuan, rather than the US dollar. The price-per-barrel posted on Friday was 306.26 yuan, or $46.76 on the more commonly-used exchange rate, up from last week's price of 300.91 yuan, or $46.15.

"This format is the result of the announcement made on September 7th by the President [Nicolas Maduro]... that Venezuela will implement new strategies to free the country from the tyranny of the dollar," the Venezuelan Oil Ministry said in a statement.

The decision to move to Chinese currency was made last week as a way to get around the sanctions imposed on Venezuela by the US government in August, which froze some Venezuelan assets and prohibited American citizens from doing business with the country.

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