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Venezuela open to barter trade with India to boost oil sales

Reuters reported that Venezuela’s oil minister Manuel Quevedu said that Venezuela is open to barter-like payments from India to boost oil sales. He told “The relationships with India will continue, the trade will continue and we will simply expand all the trade and relationship.”

But he did not give any further details on how a barter mechanism with India would work.

Venezuela buys a slew of products including medicines from India, and it is looking for alternative payment mechanisms after application of the latest stringent US sanctions.