The Venezuelan government is readying to hand over control over state oil company PDVSA to Russia’s Rosneft, a local newspaper has reported, citing sources from the industry. Russian TASS reports, quoting El Nacional, that the radical move is being discussed as a way of erasing Caracas’ debt to Moscow. The debt is sizeable: at the end…
Venezuela’s state-run economic model wasted the world’s largest oil reserves. The country owes $100 billion to foreign creditors. Its educated, professional class has fled. Economic shock therapy, implemented in regions like the former Soviet bloc, could be its only chance. View of damages in a supermarket in Valencia, Carabobo State, on May 5, 2017, the…
President Nicolás Maduro of Venezuela, center left, meeting with President Vladimir V. Putin of Russia, center right.CreditCreditPool photo by Maxim Shemetov MOSCOW — In his toughest moments, Venezuelan President Nicolás Maduro has turned to Russia for support. When the United States sanctioned the Venezuelan energy industry in January, Russia’s oil firm Rosneft helped to divert…
The crisis in Venezuela is only getting worse by the week. And with Russian backing, it looks less likely that dictator Nicolas Maduro will step aside. Ana Quintana of The Heritage Foundation explains what’s at stake, and what’s going on. Read our interview, posted below, or listen to it on the podcast: We also cover…
Editor’s Note: Kang Jie is an assistant research fellow at the China Institute of International Studies. The article reflects the author’s opinion, and not necessarily the views of CGTN. A week ago, two Russian military transport aircraft transported 100 troops and 35 tons of military equipment to the Venezuelan capital Caracas. This move can be regarded…
MOSCOW (AP) – A senior Russian diplomat says Venezuela hasn’t asked Russia for military assistance amid the South American country’s political crisis. Alexander Shchetinin, the head of the Russian Foreign Ministry’s Latin America department, said Monday that Moscow hasn’t received any such request from Caracas, according to Russian news reports. Asked to compare the situation…