VENEZUELA
Frenemy of My Enemy
Russia offered Venezuela a $6 billion lifeline Thursday even as Washington strives to isolate President Nicolas Maduro.
Following a meeting with Russian President Vladimir Putin, Maduro said that Russia had agreed to invest more than $5 billion in Venezuelan oil production and $1 billion in mining — mainly for gold, the Miami Herald reported.
Moscow and Russian companies will invest in Venezuela’s diamond sector, bring in new satellite technology and provide some 600 tons of wheat in 2019, Maduro said. And Moscow will continue to supply and maintain Venezuela’s military arsenal.
The announcement comes amid an escalating wave of US sanctions designed to pressure Maduro into changing course, if not oust him altogether, including a recent measure prohibiting US residents and citizens from dealing in Venezuela’s gold industry.
But the Herald noted some analysts were nonplussed by Maduro’s announcement, suggesting there are likely some serious strings attached, considering Venezuela already owes Russia an estimated $6 billion in overdue loans.
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