Venezuela Files WTO Complaint Against US Petro Sanctions

written by

Venezuela Files WTO Complaint Against US Petro Sanctions

Support free journalists: > send a tip

Recent US sanctions on Venezuela’s controversial cryptocurrency, Petro, have been contested by Venezuela in the World Trade Organization (WTO), according to a report by Reuters.

The complaint was filed last month and came to attention this week. It focuses on a number of decisions taken by the US authorities against Venezuela in recent years. The complaint states that US authorities are challenging Venezuela’s rights which are protected by the 1994 General Agreement on Tariffs and Trade (GATT) and the General Agreement on Trade in Services (GATS). The document particularly focused on the US restrictions on the Petro.

The complaint says that certain “damaging” trade-restrictive measures have been taken by the US which may lead to the economic isolation of Venezuela.

Petro was announced by the Venezuelan government back in 2017. President Nicolas Maduro ordered the currency to be used in various diverse industries, since its launch in the second half of 2018.

Nevertheless, Venezuela’s cryptocurrency has faced criticism from the US, especially from President Donald Trump. Trump signed an executive order in March 2018 which particularly targets Petro. Along with Trump, many US lawmakers have also denounced the currency and passed bills to restrict its use.

The complaint claims that these measures mean that Venezuela will receive less favorable treatment as compared to the other WTO members. Therefore, these measures are violating Article II:1 of the GATS, which says that all member nations will be treated equally. The US restrictions are also in violation of the Article XVII:1 which also ensures equal treatment of all the member nations.

Reuters also reported that the US government has to respond to this complaint within the next 60 days. In case the US fails to do so, Venezuela has the right to ask WTO to take a decision.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: pexels.com

Help spread this article :)

BitcoinNews.com is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com 

   Advertisement

Read More Bitcoin News

   Advertisement

Join our Newsletter

   Advertisement

Latest on Bitcoin News

Video of the Week

Join our Newsletter

   Advertisement