(Dan Tri) – Russia has cooperated with Venezuela in many oil and military projects, and sent a message to the US about Moscow’s presence in the region.

Russian President Vladimir Putin and Venezuelan President Nicolas Maduro (Photo: RT)

The United States and a series of countries in Europe and Latin America have spoken out to recognize opposition leader Juan Guaido as Venezuela’s interim president, pushing incumbent President Nicolas Maduro into an increasingly isolated situation.

While China is Venezuela’s largest creditor, Russia is still considered a longtime ally of President Maduro and his predecessor Hugo Chavez.

Recently, Russia also became Venezuela’s last choice in accessing loans.

Starting in 2015, when China became increasingly cautious and concerned about cooperation with Venezuela, Russia provided Venezuela with about 6.5 billion USD in the form of projects of state-owned oil and gas enterprises.

Analysts say that by supporting the Venezuelan government, a country located close to the US, Russia wants to seize the opportunity to mark its return on the world political map.

Foreign debt

In November 2017, Russia agreed to restructure the $3.15 billion debt that Venezuela owes Moscow.

This is considered a timely help move by Russia in the context that Venezuela is facing the risk of default and needs time to pay foreign debts.

Russian Deputy Finance Minister Sergei Storchak said this month that Venezuela is still fulfilling its debt repayment obligations and there are currently no negotiations on lending more to Venezuela.

Bank

Russia and Venezuela have a joint joint stock bank called Evrofinance Mosnarbank.

Russian bank Gazprombank, where Russian state gas corporation Gazprom is a shareholder, and state bank VTB, the second largest bank in Russia, each hold a 25% stake in Evrofinance Mosnarbank.

According to a statement from a VTB executive last month, this bank is considering selling shares in Evrofinance Mosnarbank, but currently no official agreement has been made.

Energy

President Maduro witnessed the signing ceremony between Mr. Igor Sechin, CEO of Russian oil and gas corporation Rosneft and Mr. Manuel Quevedo, Minister of Petroleum and Chairman of Venezuelan national oil and gas corporation PDVSA in 2017. (Photo: Reuters

Russian oil and gas corporation Rosneft is still operating in Venezuela and provides loans to Venezuelan national oil corporation PDVSA in the form of oil and gas sponsorship.

According to information from Rosneft, PDVSA paid $500 million in debt in the third quarter of 2018 and the remaining debt is $3.1 billion.

Rosneft holds a 49.9% stake in Citgo, an oil refinery established by PDVSA in the US.

Rosneft has shares in many oil and gas projects in Venezuela.

In addition, Rosneft also participates in many projects including:

– Junin 6: PDVSA holds 60% of the shares, the rest is held by a joint venture between Rosneft and Gazpromneft, a branch of the Gazprom gas group.

– Petromonagas: Rosneft owns 40%.

– Petroperija: Rosneft owns 40%.

– Petrovictoria: Rosneft owns 40%.

– Petromiranda: Rosneft owns 32%.

– Boqueron: Rosneft owns 26.67%.

Cereal

Russia, the world’s largest wheat exporter, helped Venezuela by supplying wheat many years ago.

Military

The first gun sale agreement between Russia and Venezuela was signed in Moscow in 2006 between late President Hugo Chavez and President Vladimir Putin.

In December 2018, Nezavisimaya daily newspaper quoted sources saying that Russia wanted to deploy strategic aircraft to a Venezuelan air base in the Caribbean Sea southeast of the United States.

A year earlier, two Russian strategic bombers capable of carrying nuclear weapons also landed in Venezuela.

Success

According to Reuters