Fernandez-Concheso

Update of Payments in “Petros” to the Venezuelan Maritime Authority

The Venezuelan Mari-me Authority, Instituto Nacional de los Espacios Acuáticos (INEA), has imposed an update to the rule in respect to the payment in the crypto-asset Petro. Under the rule, 15% of payments by Shipping Agencies for foreign flagged vessels calling Venezuelan ports will be paid in Petros. The rest of the concepts will be stated in EurosandpaidinlocalVenezuelancurrency,Bolívares.

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Clyde & Co Caracas

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