Support The Moscow Times!

Russia Reaches Out to Venezuela By Delaying Debt Repayments

The Russian government has approved plans to delay Venezuela's repayments on a loan worth $2.84 billion, according to a statement posted on the government's online portal for legal information.

A new payment plan has been put in place to “take into account the economic crisis faced by Venezuela in recent years.”

The loan, which was issued by Moscow in 2011, was due to be repaid in March 2019. The Venezuelan government will now use that date to begin making repayments, due every six months for three years.

Russia and Venezuela have traditionally enjoyed good relations, cemented in the Soviet era by Venezuelan leader Hugo Chavez. The country has suffered rampant inflation in recent years, leading to food shortages and widespread protests.

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.