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Venezuela open to barter trade with India to boost oil sales

Venezuela open to barter trade with India to boost oil sales

Caracas, which buys medicines and other products from India, is looking for alternative payment methods after the United States imposed stringent sanctions on Venezuela's state oil firm PDVSA in a bid to push out President Nicolas Maduro.

Opposition leader Juan Guaido, recognized by some 50 countries as Venezuela's interim president, warned the military on February 10 that blocking humanitarian aid from entering the country is a "crime against humanity".

Maduro is refusing to step down or call for a new election, accusing the US of orchestrating a coup attempt.

Russia's Gazprombank said on Sunday that PDVSA opened accounts with the bank several years ago and has not opened any accounts recently. Guaido has said he plans to name a new board of directors for the state producer and its US subsidiary.

Unilateral sanctions by the United States have reduced PDVSA's oil output and caused a loss of about $20 billion to its oil revenue-dependent economy, he said. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.




The war game is believed to be held for preparing to repel any potential invasion from the USA and its allies. The decision was made amid tension with some of its partners, which have withdrawn staff from Caracas since USA sanctions were imposed in January.

Manuel Quevedo said on Monday his nation wants to sell more crude to India, and that USA measures have resulted in a $20 billion loss to the Latin American country's economy.

The European Union has encouraged member countries to recognize a new temporary government led by Guaido until new elections can be held.

Sanctions created to deprive Maduro of oil revenue have left an armada of loaded oil tankers off Venezuela's coasts that have not been discharged by PDVSA's customers due to payment issues. Most of the crude oil it produces now is heavy or extra heavy.

Nicolas Maduro has asked OPEC to support one of its founding members-Venezuela-against the USA sanctions on the Latin American country's oil industry and denounce the "shameless dispossession" of Venezuelan assets, but Maduro's plea has fallen on deaf ears, Reuters reported on Monday.