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Maduro says Russia will invest billions in Venezuela's oil and gold production

Section: Daily Dispatches

Russia May Be Handing Vanezuela a $6 Billion Lifeline

By Jim Wyss
Miami Herald
Thursday, December 6, 2018

BOGOTA, Colombia -- As Washington tries to build an economic wall around Venezuela, President Nicolás Maduro keeps digging tunnels.

On Thursday Maduro said that Russia had agreed to invest more than $5 billion in boosting Venezuelan oil production and an additional $1 billion in mining -- principally for gold.

After meeting with President Vladimir Putin this week, Maduro said the Russian government and private sector would also invest in Venezuela's diamond sector, bring in new satellite technology and provide some 600 tons of wheat in 2019. In addition, Russia will continue to supply and maintain Venezuela's military arsenal.

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Venezuela has the world's largest oil reserves and is thought to have one of the world's largest gold reserves, but it has been mired in an economic crisis that has led to food and medicine shortages, and the migration of more than three million people in recent years.

But the announcement was greeted with skepticism by some. Venezuela already owes Russia an estimated $6 billion in overdue loans, and there are doubts that Russia would be willing to double down on its bad bet. ...

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