Right, we also saw Venezuelan president
Nicolas Maduro meet Russian President Vladimir Putin in the Kremlin to discuss
restructuring his country’s debt to Moscow. In recent years Russia has proved
to be a lifeline to Venezuela, as it struggles to cope with low oil prices and
a broader economic crisis. Russia’s top producer Rosneft previously provided
Venezuela’s PDVSA with around $6 billion in loans as prepayment for supplies of
crude and oil products. What’s also interesting here is that cash-strapped
PDVSA used its nearly 50% stake in a major US refiner Citgo as collateral for a
portion of the loans, which raised concerns over US energy security if the
Venezuelan company defaults on its loans. More…
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