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Venezuela is officially pricing its oil in Chinese Yuan

The move will help Venezuela’s economic avoid unilateral US sanctions.

MOSCOW (Sputnik) – Venezuela began publishing prices for its oil in Chinese yuan in a bid to avoid the US dollar and counter US sanctions, the country’s President Nicolas Maduro said.

“We are already pricing [oil] in Chinese yuan … because of the sanctions which were facilitated by [opposition politician] Julio Borges and which were adopted by [US President] Donald Trump. They have caused great damage … And we are forced to defend ourselves,” Maduro said Friday while aired by the Telesur broadcaster.

Maduro has already said in the past that Venezuela was going to free itself from the “vice of dollar.”

In late August, Trump introduced new sweeping financial sanctions against Venezuela, in particular, forbidding US private companies from acquiring any bonds issued by Venezuelan government or its state-run oil company.

Venezuela has been in turmoil since April, with months of protest and international community repeatedly expressing concern. The popular unrest has been fueled by a deep economic crisis and some government measures, including the vote for the National Constituent Assembly.

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