Venezuela Seeks Russian, Chinese Aid Over US Sanctions on Trade Deals

UNITED NATIONS (Sputnik) - Venezuela is seeking aid from Russia and China as well as other countries to meet its economic needs after the United States imposed sanctions on transactions in the country’s new currency, Venezuelan Foreign Affairs Minister Jorge Arreaza said during a press briefing.

In March, US President Donald Trump signed an executive order to prevent US citizens and entities under US jurisdiction from using Venezuela's new digital currency Petro Venezuela.

"We’re trying to find ways with our allies and brothers from Russia, from China, from Turkey, from India, which are major economic powers," Arreaza said on Wednesday. "We’re trying to find other alternative ways to answer to Venezuelan people and their fundamental, basic needs."

Arreaza said international banks are afraid of unilateral coercive measures and sanctions and do not want to work with Venezuela while its transactions are rejected by the financial system.

Venezuelan President Nicolas Maduro created the digital currency with the benefit of not depending on the international monetary system.

The difficult economic situation in Venezuela has led to accelerated inflation and the Venezuelan Bolivar exchange rate collapsed on the black market.

In late March, Maduro announced the denomination of the Bolivar was set for June 4.