Nicolas Maduro said that national oil inventories are ready for immediate commercialization to serve as backing for the Petro.
Nicolas Maduro News
Nicolas Maduro has been the president of Venezuela since 2013, was the minister of foreign affairs for Hugo Chavez’s government and vice president of Venezuela in 2012-2013. Maduro’s rule in Venezuela is often described as autocratic, corrupt and unprofessional. Maduro was a part of drug trafficking investigations, violations of human rights and a profiter of food shortages in Venezuela. These facts led to the implementation of sanctions on Maduro and the refusal to recognize the validity of the Venezuelan election in 2018. U.S. sanctions forced the establishment of Maduro’s Petro cryptocurrency. Maduro plans for the Petro to become a tool for accessing international financing in avoidance of U.S. sanctions. The Petro was launched in 2018 and was developed by united work of Venezuelan and Russian governments.
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