Russia provides vital support to Venezuela

RUSSIA / FSU POLITICS - In Brief 02 Nov 2019 by Alex Teddy
Russia has been sending hundreds of millions of USD and EUR in cash to Venezuela. US sanctions have all but cut off Venezuela from the world financial system. From May 2018 to April 2019 six shipments were sent by plane. The money was delivered to Venezuela's development bank. Moscow is eager to keep President Maduro in office. Venezuela has also been bringing back money held abroad and selling gold. Evrofinance Mosnarbank sent money to Banco de Desarrollo Economico y Social. This Venezuelan bank is a joint venture between a company called Bandes and Russia's state property management agency. Gazprombank also sent money. Evrofinance and Bandes have both refused to answer questions from journalists about these shipments. Gazprombank state that Bandes has not had an account with them since March 2018 but did not specifically deny that cash was sent.

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