Venezuela Receives First $300 Million from US-Led Oil Sale

Deep News01-21 08:31

Venezuela's government has received the first payment from a $500 million crude oil sale led by the United States, marking the country's first infusion of much-needed dollar funds into its economy in a month. Acting President Delcy Rodríguez announced on Tuesday that $300 million from the sale has entered the nation's banking system. This is expected to boost the Venezuelan economy, which relies heavily on oil exports, and the sale is anticipated to help reverse the decline in oil production previously caused by the Trump administration's sanctions. Rodríguez stated, "Today we must report that the proceeds from the crude oil sale have been received, with $300 million of the initial $500 million now deposited." She added that these dollars will be distributed through the national foreign exchange system to help "increase workers' income and curb inflation."

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