Nowhere is inflation higher than in Venezuela. The central bank can't print the money fast enough. Venzuelan president Nicolás Maduro has taken emergency measures to print new banknotes in higher denominations.
The Venezuelan regime has unsuccessfully sought to retrieve its gold reserves from the Bank of England since 2018. The ruling is a blow to Nicolas Maduro, who has been crippled by an economic crisis and US sanctions.
Two of five Iranian fuel tankers have arrived in Venezuela, a show of defiance by two states sanctioned by the US. An acute shortage of petrol is forcing Venezuelans to line up for days at gas stations or walk to work.
Vladimir Putin's government has taken control of Rosneft's Venezuelan assets to try and sidestep US sanctions. The move comes shortly after the US indicted Nicolas Maduro and other officials over narcotrafficking.
Venezuela's leader Nicolas Maduro loves to speak of his hatred for the US. It makes his warm words for the enemy's currency a little puzzling. Dollarization is a reality in Venezuela but the benefits are dubious.
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