Venezuela’s Moving Oil Business To Russian Banking System To Beat US Sanctions

Venezuela is trying to beat the US sanctions on its oil exports by moving the payments system over to the Russian banking system. This has the merit – for Venezuela’s current government at least – that it’ll work in the first iteration. Whether it continues to work after that depends upon how aggressively the US decides to pursue the enforcement of the sanctions.

For it’s worth noting what the US claims as being within its own jurisdiction.…

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