Venezuela’s petro has been experiencing a rough time since its inception, now a Russian financial institution is stepping in to lend a hand. Evrofincance Mosnarbank which Venezuela has a 49% stake and the remainder is backed by two major banks in Russia.
The petro was created by Maduro as an attempt to circumvent US sanctions. Maduro said it would be backed by Venezuela’s oil and diamond resources. Soon after the US prohibited trade in the petro, Trump signed an executive order banning all transactions related to the crypto.
Investors registering with Venezuela’s government and downloading the petro’s wallet software were invited to but the coin by wiring at least 1,000 euros to the Evrofinance account.