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Venezuela to accelerate USDT adoption as oil sanctions return

Reuters reports that Venezuela's state-run oil company PDVSA plans to increase USDT usage in its crude and fuel exports as the U.S. reimposes oil sanctions on the country.

PDVSA had been slowly moving oil sales to USDT since last year. The return of oil sanctions by the US is speeding up the shift, a move to reduce the risk of sale proceeds getting frozen in foreign bank accounts due to the measures.

In 2023, Venezuela exported nearly 700,000 barrels of oil per day, 65% of which landed in China and 19% in the U.S.


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