Russia hands Venezuela a $6B lifeline
As Washington tries to build an economic wall around Venezuela, President Nicolás Maduro keeps digging tunnels.
On Thursday, Maduro said that Russia had agreed to invest more than $5 billion in boosting Venezuelan oil production and an additional $1 billion in mining – principally for gold.
After meeting with President Vladimir Putin this week, Maduro said the Russian government and private sector would also invest in Venezuela’s diamond sector, bring in new satellite technology and provide about 600 tons of wheat in 2019. In addition, Russia will continue to supply and maintain Venezuela’s military arsenal.
Venezuela has the world’s largest oil reserves and is thought to have one of the world’s largest gold reserves, but it has been mired in an economic crisis that has led to food and medicine shortages, and the migration of more than three million people in recent years.
Washington has been using a combination of targeted and systemic sanctions to hamstring Venezuela’s economy.