Venezuela admits the need to ask Russia for a new restructuring of its debt

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Russia, a country that has been betting for a long time in favor of the Nicolás Maduro regime, refinanced in November 2017 the debt contracted by Venezuela under very advantageous conditions. Moscow agreed to restructure 3,150 million dollars (about 2,700 million euros) with payment of minimum amounts by Caracas to 2,026.

But even so a Maduro cornered by the sanctions and the bankruptcy of its economy seems to be in a position to face the commitment acquired with President Vladimir Putin. The Venezuelan ambassador to the UN headquarters in Geneva, Jorge Valero, suggested on Friday that his country intends to continue turning to Russia to be able to restructure its external debt.

He has even spoken of the possibility of making payments in rubles, not in dollars as stipulated at the time. In statements released by the Russian agency Sputnik, Valero said: "We always have the support of Russia."

At the end of January, the Russian Deputy Minister of Finance, Sergey Storchak, acknowledged that "Venezuela is likely to have problems in servicing the debt" with Russia. Storchak made the announcement just a few weeks after Maduro visited Moscow in December 2018. It was then that the Venezuelan president and Putin agreed to "a new calendar with two annual payments." The Deputy Minister of Finance revealed that these payments occur "in March and September of each year" and assured that, until then, there had been no delays.

The Venezuelan economy, completely dependent on oil, has been plunged for years into an acute crisis that has left citizens without basic products, such as food and medicine, and with inflation of more than one million percent, according to the IMF. In exchange for its financial aid, which may never be returned to it, Russia has obtained special conditions for the expansion in Venezuela of the Russian state oil company Rosneft, which already operates in various projects with an estimated annual extraction volume of 9 million tons. of crude oil.

(tagsToTranslate) venezuela (t) admits (t) need (t) ask (t) russia (t) new (t) restructuring (t) debt

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