Venezuela will use its own cryptocurrency dubbed Petro to pay for Russia-made automotive parts and components, AVN news agency reported.
The use of Petro in international transactions was on the agenda of the Russian-Venezuelan high-level intergovernmental commission meeting in Caracas on Monday.
"The cooperation include the purchases of automotive parts and components, of tires and batteries, as well as assembling of these vehicles in our country and the forms of payment, in which we include the payments with the use of Petro," Trade Ministry Jose Vielma Mora said.
Alongside exporting automotive parts, Russia also expressed interest in importing various goods, including steel, aluminum, coffee and cacao from Venezuela, Mora added.
In February Venezuela became the first country to launch its own cryptocurrency, in a move that President Nicolas Maduro celebrated as putting his country on the world's technological forefront. Maduro said the cryptocurrency raised $735 million in its first day of pre-sale.
By Siranush Ghazanchyan