During a challenging period for Venezuela, Russia has been a significant source of financial support. Bloomberg reports that between May 2018 and April 2019, Venezuela received $315 million in cash from Russia. This transaction aimed to circumvent US sanctions and assist Venezuela in managing its economic difficulties. With its oil sector facing significant challenges including unpaid workers and deteriorating infrastructure, Venezuela has been exploring alternative revenue streams. The country has depleted its gold reserves and even introduced a national cryptocurrency to address its financial struggles.
As Venezuela has become increasingly isolated from global financial networks, the funds from Russia have played a crucial role in supporting its economy. The cash influx has enabled Venezuela to repatriate funds held abroad and invest in various assets, such as stakes in a Moscow-based bank or revenue generated from the sale of commodities like crude oil and gold.
