Venezuela believes diversifying trade currencies is essential for achieving greater freedom and mitigating the effects of sanctions, Deputy Permanent Representative to the United Nations Joaquin Perez Ayestaran told Sputnik.
 
“We do believe that the time has come to diversify the basket of currencies in which we conduct legal trade in our nations, it will liberate us and it will also serve as a way to overcome the negative impacts of unilateral coercive measures that affect many of our countries, including some that are part of BRICS,” Perez Ayestaran said. 
 
He further noted that the dominance of a single currency has compelled countries to subordinate themselves, highlighting the need for diversification.
 
“We feel that there is one particular currency that has been dominating the financial system for some time, and it has allowed for the subordination of some countries, not only in terms of the economy, but also in terms of sovereignty, and fiscal sovereignty,” Ayestaran told Sputnik. 

Maduro: Venezuela to move forward on path of abandoning dollar

He added that Venezuela believes that countries should be able to trade in their currencies and wants to have a multi-currency system.

This comes after Maduro announced last year in May that his country will move forward on the path of abandoning the dollar in economic transactions.

Speaking to local media, Maduro said, "This is the path of Venezuela and the path of a free economy where currencies are not used to punish countries and impose sanctions."

Record inflation in the West has pushed countries around the world to find alternatives to the US dollar and its financial institutions, in an indication of the Yuan's rising international significance.

It is worth noting that Venezuelan Foreign Minister Yvan Gil announced earlier this month that President Maduro has been invited to the upcoming BRICS summit, scheduled to be held in Kazan, Russia, this October.

"[Russian] President Vladimir Putin invites President Maduro to attend the leaders' summit of the BRICS+ countries," the minister said on X and posted the letter sent by Putin to Maduro.