The Venezuelan Maritime Authority has required port payments to be in its own digital Petro Currency, which is sanctioned by the US. In light of these developments, the Standard P&I Club recommended owners and operators to consider carefully trade to Venezuela.
The Petro is a cryptocurrency launched in early 2018 by Maduro’s government in Venezuela, considered to have been created, in part, as a means to circumvent existing US sanctions, the Club advised.
In March 2018, through Executive Order...
https://safety4sea.com/venezuela-to-require-port-payments-in-us-sanctioned-petro-currency/