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Time: Russia helped Venezuela launch its crypto currency to circumvent US sanctions

President of Venezuela Nicholas Maduro during the launch of El Petro. Reuters photo
President of Venezuela Nicholas Maduro during the launch of El Petro. Reuters photo
According to the report of Time, the crypto currency Petro is a joint project of Russian and Venezuelan officials and businessmen. The goal of creating virtual money was allegedly the desire of both countries to “undermine” the effect of US sanctions.

Time learned about this from one of the managers of an unnamed Russian state bank. He said that Petro was supervised by advisers from the Kremlin, and President Vladimir Putin personally signed the project in 2017. The top manager noted that “people close to Putin told him that this is a way to circumvent the sanctions.” According to him, it was from this that the project of crypto-currency began.

According to journalists, during the Petro launch ceremony on February 20, Russian advisers associated with the Kremlin sat in the presidential palace next to Nicholas Maduro: Denis Druzhkov and Fedor Bogorodsky. The President of Venezuela thanked them for their struggle against “American imperialism.”

Apparently, we are talking about the co-founder and CEO of the Zeus crypto exchange, Denise Druzhkov, and the director of Aero Trading, Fyodor Bogorodsky. In a conversation with the portal Plusworld.ru Bogorodsky openly admitted that his company helped Venezuela with access to the ICO and “provided marketing”.

Member of the opposition of the Venezuelan Parliament Armando Armas, in a conversation with Time, said that in this way Russia “built its fortress” in Venezuela and uses the country as a guinea pig for experiments with the crypto currency.

The Kremlin did not respond to journalists’ inquiries sent by e-mail, and the Ministry of Finance stated that the Russian authorities “are in no way connected” with the crypto currency Petro.

On February 20, Venezuela launched the preset petro – the first state crypto currency: each token was equal to one barrel of Venezuelan oil. A day later, President Nicholas Maduro said that in one day Petro attracted $ 735 million.

On March 19, Donald Trump banned any US transactions with the Venezuelan crypto currency by American companies and individuals.

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