- Sputnik International, 1920
Get the latest news from around the world, live coverage, off-beat stories, features and analysis.

Support of BRICS Important to Restore Venezuela's Energy Sector - Vice President

© Sputnik / Ilya Pitalev / Go to the mediabankSPIEF-2024. Russia - Venezuela
SPIEF-2024. Russia - Venezuela - Sputnik International, 1920, 06.06.2024
ST. PETERSBURG (Sputnik) - BRICS support is important for the restoration of Venezuela's energy sector, Venezuelan Vice President Jose Felix Rivas Alvarado told Sputnik on Thursday.
"BRICS is important. BRICS support is important for the restoration of Venezuela, for financing the restoration of the energy sector, and the consolidation of payment systems. I believe this is the BRICS way," the vice president said on the sidelines of the St. Petersburg International Economic Forum (SPIEF).
Venezuela also hopes that will join BRICS as soon as possible, the official added.
Venezuela and Russia have made great progress in creating alternative means of payment to the dollar, the vice president added.

"[Russia and Venezuela] have made sufficient progress in two aspects — in building alternative mechanisms both in the field of financing and in the field of payments. The dollar still remains the dominant means, but the sanctions have led us to search for other forms of payments, for example, in national currencies, to search for other platforms that will replace existing international financial platforms and strengthen alternative financial architecture," he said.

Burning dollar - Sputnik International, 1920, 05.06.2024
Russia Discussing Dedollarization in Trade With Latin American States
Venezuela is counting on working with Russia to consolidate the stabilization of economy and restore its growth, Alvarado also shared with Sputnik.
One of the serious consequences of Western sanctions is that because of the hyperinflation and economic destruction they caused, the living conditions of Venezuelans suffered, but at the same time the sanctions boosted domestic production, the official said.
"At this stage, we need to consolidate this recovery and stabilization ... We need to diversify production, not depend only on one source of export — oil," he noted, adding that Venezuelan companies are cooperating with Russia in various areas.
To participate in the discussion
log in or register
Заголовок открываемого материала