The coming introduction of a “petroyuan” marks one of the most significant bids to date by countries seeking to dump the U.S. “petrodollar.”
U.S. President Donald Trump recently signed a determination that singles out Venezuela for failing to adhere to counternarcotics obligations. The accusation came – perhaps not so coincidentally – on the same day that Venezuela declared it will no longer participate in the U.S.’ petrodollar trade system.
In what is set to be a major blow to the U.S.’ increasingly fragile “petrodollar” system, Venezuela announced on Wednesday that it would no longer accept U.S. dollars as payment for its crude oil exports. According to