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How did Russia deliver hundreds of millions of dollars to Venezuela..? - 11/04/2019

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How did Russia deliver hundreds of millions of dollars to Venezuela..?

2019/11/4 8:49 - Al Forat News - Reuters


MOSCOW (Reuters) - Moscow has succeeded in delivering huge financial support to Venezuela, estimated at hundreds of millions of dollars and euros, to circumvent the US sanctions regime that limits Caracas' access to the global financial system, a Russian press report has revealed.

According to the "Moscow Times", Russia sent cash shipments of US and European currency to Venezuela, which provided a lifeline to the South American country mired in a severe financial crisis. The newspaper revealed that Russia delivered about $ 315 million of banknotes between the dollar and the euro, in six separate shipments between May 2018 and April 2019, according to data obtained from the agency "Bloomberg." According to the Moscow Times, the shipments came from banks and companies run by Moscow and poured into the Venezuelan Development Bank.

President Nicolas Maduro's regime is struggling to maintain access to hard currency, as US sanctions keep it isolated from traditional financial systems, while most major banks refuse to deal with Caracas. Among the various ways to circumvent the sanctions, Venezuela has resorted to secret gold sales to raise funds, while also studying the possibility of using cryptocurrencies, or a global payment system administered by Russia to send money.

Moscow is a last resort for Caracas, both politically and financially, and has always affirmed its support for the leftist leader who helped him stay in power in the face of Western pressure on him to resign.

While dozens of Western and Latin countries regard Maduro as illegitimate as a result of allegations of rigging the 2018 election, Russian support has been decisive, along with other countries including China. In October, Russian Deputy Prime Minister Yuri Borisov met with President Maduro and Vice President Tariq al-Esimi, who thanked Moscow for facilitating oil shipments to Venezuela despite US sanctions. "Russian-Venezuelan relations are at their best and we have proved that in the midst of difficulties we can advance together effective political and diplomatic coordination between the two governments, in the face of the siege and imperialist aggression that Russia is also suffering,"

Al-Esimi said. Borisov reiterated Moscow's support for Maduro, even though many countries regard him as an authoritarian and illegitimate ruler, and recognized opposition leader Juan Guaido as Venezuela's president.




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Caution: once Russia gets a foothold, our security issues increase greatly because of Venezuela's proximity to the USA. We can have another situation like the Cuban crisis. Plus, Venezuela has such large natural Oil and Gold deposits still untapped. JMHO...!

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