Rus­sia hands Venezuela a $6B life­line

The Sun News - - Weather - BY JIM WYSS

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.

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