Venezuela makes Russian debt repayment in rubles to bypass US sanctions

Caracas has transferred to Moscow its latest scheduled debt repayment using the ruble, according to Russian Deputy Finance Minister Sergey Storchak.

Russia offers all its debtors the opportunity to make payments in rubles, the official told Russian business outlet RBC on Tuesday. It was earlier reported that Venezuela transferred a payment on a $3.15 billion loan from Moscow, but the currency and amount paid were not disclosed.

The Venezuelan government is facing harsh restrictions from Washington, including sanctions on its oil sector, which is vital to the nation’s revenue. As the country’s central bank was also included in the US hit list, it became almost impossible for the regulator to transfer payments in US dollars.

In April, Caracas made a payment of around $100 million to Russia and was initially expected to transfer another $200 million in autumn. At the time, there were reports that Venezuela may use barter, including paying in oil or gold.

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