Cold, hard euros: Venezuela turns to European cash after U.S. sanctions

Euronews | Aug 23, 2019 at 3:34 PM
  • From supermarket checkouts in the capital Caracas to electronics stores in the central city of Maracay, Venezuelans struggling with hyperinflation and a deep economic crisis are turning to a new form of payment: euros in cash.
  • With the U.S. financial system closed to state oil company PDVSA, as Washington tries to cripple the finances of Venezuelan President Nicolas Maduro’s administration, the company has asked clients to make payments for crude exports in euros.
  • And with international companies increasingly hesitant to pay using traceable bank transfers for fear of being hit with U.S. sanctions themselves, PDVSA has collected payment for at least two shipments of exported crude in euros cash via intermediaries.