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Maduro turns to Putin to sell oil after China`s refusal

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Venezuelan President Nicolas Maduro plans to make another trip to Russia, announced Kremlin Spokesperson Dmitry Peskov. According to Peskov, the visit is currently being planned. reports citing UAWire that Maduro does not have good news to bring to the meeting with Vladimir Putin, his fourth in the last three years. In August, Venezuela lost its last major oil buyer, thereby also losing an important source of foreign currency.

The breach of contract – the first in 10 years – is because China is trying to minimize the risk of US sanctions, which were tightened again on August 5.

Selling gold, another possible source of foreign currency for Venezuela is also coming to an end. In summer, Venezuela failed to meet the requirements of a swap deal with Deutsche Bank, through which it had received a $750 million loan in 2016 with gold from its central bank as collateral. As a result, 20 tons of the precious metal, 13% of Venezuela’s reserves, now belongs to Deutsche Bank. After his last visit to the Kremlin in December 2018, Maduro announced that Russia would be investing another $6 billion in the Venezuelan economy and shipping 600,000 tons of grain to the country.

According to Maduro, Moscow agreed to invest $5 billion in the country’s oil industry and another $1 billion in gold mining.

2019.09.23 / 18:53
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