Venezuela got help from Russian Federation in launching petro

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The government of Venezuela issued the new currency, Petro, last month in a bid to help the country's economic problems.

They argued that it represented a forward sale of Venezuela's oil, which would spark more corruption in the country.

A senior administration official told reporters: "The Petro is a desperate effort by a corrupt regime to defraud global investors".

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Because of the nature of Venezuela's political relationship with the USA, economic sanctions were placed on the country and American investors were barred from offering funding for any opportunities in the country. According to local media reports, Venezuela's government has in turn been outraged by the backlash, specifically the reaction of US President Donald Trump.

Undermining U.S. sanctions is reportedly what piqued Russia's interest in the project.

In a statement reported by local media, Diosdado Cabello said that Trump was "wrong" when he announced possible further sanctions against the government of Venezuelan President Nicolas Maduro. "This is how the whole thing started". Sitting in the front row during an unveiling ceremony at the presidential palace in Caracas were Denis Druzhkov and Fyodor Bogorodsky - two Russian men with close ties to Russian state banks and Kremlin officials.

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"So Russia made its stronghold here in Venezuela", Armando Armas, an opposition member of Venezuela's parliament, the National Assembly told Time. "Now they are using Venezuela as a guinea pig for their experiment". This, Russian officials believe, gives excessive influence around the globe.

U.S. calls the digital currency an attempt by the Venezuelan government to "circumvent United States sanctions".

On Monday, Trump issued a preliminary executive order that forbids American citizens and corporations from going anywhere near the Petro.

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After its access to the digital market, Venezuela began the implementation of Petro in the payment of services such as airports, gasoline in territories bordering Colombia and savings banks, by order of President Nicolás Maduro.