Russia has slashed projected revenue by
nearly $1 billion to reflect expectations that Venezuela may not make timely
payments on bilateral loans, according to a document released by Russia's Audit
Chamber on Tuesday. The OPEC member over the years borrowed heavily from
political allies including Russia and China, but is now struggling to pay back
creditors including bondholders on Wall Street as its socialist economy
collapses. The issue is likely to draw attention in Washington, where lawmakers
have questioned Venezuelan state oil firm PDVSA's use of a portion of its
shares in U.S. subsidiary Citgo as collateral for a loan from Russia because
this could leave Moscow with indirect control over U.S. energy infrastructure. More…
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