May 28, 2018 / 11:21 AM / a month ago

India says no plans for oil trade with Venezuela using 'petro' cryptocurrency

NEW DELHI (Reuters) - India said on Monday it had no plans to use Venezuela’s local cryptocurrency ‘petro’ in oil trade with the Latin American nation, which is facing sanctions from the United States.

Indian Foreign Minister Sushma Swaraj talks to Chinese Foreign Minister during their meeting at the Diaoyutai State Guest House in Beijing, China, April 22, 2018. Madoka Ikegami/Pool via Reuters

Responding to a question at a news conference, India’s Foreign Minister Sushma Swaraj cited an order by the country’s central bank saying it did not allow trade using cryptocurrency.

Venezuela, whose oil output is falling under pressure from the U.S. sanctions, is offering discount on oil sales done in ‘petro’.

Indian media earlier reported that Venezuela had offered as much as 30 percent discount on oil sales to Indian refiners provided they traded in ‘petro’.

Reporting by Nidhi Verma; Editing by Krishna N. Das

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