As the doomsday clock on the Petrodollar continues ticking closer to midnight, Venezuela has now officially stopped accepting US dollars as payments for its crude oil exports! Instead the South American country will use other currencies to avoid US sanctions.
Oil traders who export Venezuelan crude have begun converting their invoices to euros. The state oil company, PdVSA told its private joint venture partners to open accounts in euros and to convert existing cash holdings into Europe’s main currency, so Caracas is able to fight against sabotage and the evil US Economic Blockade.
This decision by the nation with the “world’s largest proven oil reserves” comes just days after China & Russia unveiled Oil-Yuan-Gold triad @ the latest BRICS conference in order to bypass the US dollar and petrodollar!
There is no major market reaction for now, as some weakness in EUR & Gold shows someone wants this to look like nothing. The end of the US Hegemony is coming closer every day and before the end of the year this will converted into the connected markets.
Mintpress.com / AA Magnum Analyst Blog Site News 2017.