The government of Venezuela and the United States are currently at cross-roads. Today, Venezuela moved ahead with the filing of its complaint to the World Trade Organization (WTO). It wants the body to intervene and stop the US from infringing its rights.
In this case, the US takes advantage of the General Agreement on Tariffs and Trade (GATT) to further its activities. Admittedly, the United States has persistently tightened its sanctions against the government of the country severally.
A close outlook
Initially, the United States placed a ban on the sale of the gold from Venezuela. The country thinks it unfair that the US gives a discriminatory treatment to its debt. Asides from that, it also complains about how the US keeps targeting most of the senior officials.
Petro happens to be the leading the cryptocurrency in the country. The document purports that the US keeps imposing coercive and discriminatory trade measures. This is probably concerning the digital currency in Venezuela.
Many market observers note that most the digital currencies are emanating from the US pass without hindrance. They don’t get subjected to the same level of prohibition usually attributed to the digital currencies of Venezuela. According to them, the US needs to handle the Venezuelan financial services with dignity.
Turn of events
On the whole, the restrictions don’t hit many by surprise. Reports indicate that Nicolas Maduro, the Venezuelan president, has been making plans to put in place his restrictions. This leader spoke about the matter on national television in the previous month.
Consequently, the New Year witnesses the leader set up a new program focused on promoting Petro. If the plan succeeds, all the Venezuelan oil products will eventually get sold using Petro.
Quite a large number of people have been waiting to hear from the US. So far, it hasn’t yet given its official statement. All the same, it still got about 60 days to give its official response.
The United States needs to move with speed, or else Venezuela pushes WTO to make the ultimate decision.