Venezuela fixes shipping service fees in euros and its virtual currency Petro

Venezuela has fixed the price of shipping fees for services rendered to international vessels in euros or the virtual currency the Petro, which is backed by oil reserves.

Fees covered are for mandatory services such as piloting, custody, towing, inspection and refloating, and they are to be paid to the country’s National Institute of Aquatic Spaces (INEA).

The South American country is enduring a wretched economic crisis despite having the world’s largest oil reserves.

Previously fees were paid using US dollars and through the American banking system.

In March the US barred its people or anyone on its soil from using any digital currency issued by Venezuela.

The US has been sanctioning Venezuela for perceived human rights violations and undermining of democracy there.

The fees issue adds another layer of uncertainty for foreign companies wanting to do shipping business in Venezuela.