According to Venezuelan Oil Minister Manuel Quevedo, the country’s authorities intend to create a trade bloc consisting of China, India and Russia. This union is necessary to make oil transaction settlements without using the dollar, the official said.
The economic and political crisis in Venezuela forces the country's authorities to seek new payment methods to continue exporting oil to India. The oil market is crucial for the country, especially after the imposition of US sanctions restraining Venezuelan oil exports to the United States.Quevedo believes that all four countries, namely China, India, Russia and Venezuela, are able to build economy and it does not necessarily have to be within the dollar economy. However, at one of the recent conferences, the Venezuelan Oil Minister refused to spell out his plans for doing business with India.
