Eastern Europe News

Russia Bails Out Maduro

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Vladimir Putin & Nicolás Maduro

Russia has agreed to provide a lifeline to the desperate, socialist nation of Venezuela which is collapsing under the leadership of anti-American leader President Nicolas Maduro.

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.

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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 some 600 tons of wheat in 2019. In addition, Russia will continue to supply and maintain Venezuela’s military arsenal, reported TNS.

The dictator also said Venezuela would continue to move away from using the U.S. dollar as its trading currency for petroleum, instead attempting to build the relevance of its new cryptocurrency, the ‘Petro’.

“Today, the contracts have been signed to guarantee investments exceeding $5 billion with our Russian partners in joint ventures to ramp up crude oil production,” he said. “In addition, we are guaranteeing an investment of over $1 billion for the mining sector, mostly in gold production,” the Venezuelan president posted on his Twitter account.

“This visit put has us in an advantageous situation for the battle for stability, development and prosperity in the years to come,” Maduro said in Moscow.

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“We… have signed a contract to ensure supplies of 600,000 tonnes of wheat for Venezuelan people,” he stated, pointing out that the supplies are guaranteed for “2019 and onwards.” “Furthermore, a contract has been signed to provide assistance, maintenance and repair of weapons of the Bolivarian Republic of Venezuela,” reported Russian state news agency TASS.

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