Hundreds of millions of dollars were shipped from Russia to Venezuela to sidestep US sanctions – Business Insider


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  • Hundreds of millions of dollars have been shipped from Russia to Venezuela, Bloomberg reported.
  • Bloomberg analyzed data from ImportGenius which found that $315 million was sent from Russia between May 2018 to and April 2019.
  • The money, Bloomberg said, can be used in a variety of methods such as “repatriating cash held overseas or dividends from a stake in a Moscow-based bank.”
  • Venezuela has been subject to a variety of sanctions from the US as the Trump administration recognizes opposition leader Guaidó as president of the country not Maduro.
  • View Business Insider’s homepage for more stories.

Hundreds of millions of dollars have been shipped from Russia to Venezuela, as the country attempts to skirt US sanctions. 

Bloomberg analyzed data from ImportGenius and found that $315 million worth of cash in the form of US dollars and euros, were shipped from Russia.

Venezuela has been gripped in violent conflict since the start of the year, with fighting over who actually leads the country.

Venezuela has been looking for methods of raising cash due to the sanctions, with US banks refusing to lend to the country. Sales of gold have been one method, while using cryptocurrency has been another. 

The EU and the US have condemned Maduro’s administration’s treatment of opposition leader Juan Guaidó, leading to sanctions from the US, according to Bloomberg.

The country became cash strapped, and the money allows access to the global financial system. 

Bloomberg said that the cash allows Venezuela to buy back its money from oversees or get dividends from “a stake in a Moscow-based bank or revenue from sales of crude or gold.”

According to the analysis, $113 million worth of 100-euro bills were sent in January from Gaprombank. They also sent $50 million in dollar bills two days previous, along with more payments made in May and July of 2018. 

Bloomberg said that an unnamed Venezuelan government official confirmed the payments.

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The Publisher: Juan Rodulfo, Defined by Nature: Planet Earth Habitant, Human, Son of Eladio Rodulfo & Briceida Moya, Brother of Gabriela, Gustavo & Katiuska, Father of Gabriel & Sofia; Defined by the Society: Venezuelan Citizen (Human Rights Limited by default), Friend of many, Enemy of few, Neighbor, Student/Teacher/Student, Worker/Supervisor/Manager/Leader/Worker, Husband of Katty/ Ex-Husband of K/Husband of Yohana; Defined by the US Immigration System: Legal Alien; Defined by the Gig Economy: Independent Contractor Form 1099; Studies in classroom: Master Degree in Human Resources Management, English, Chinese Mandarin; Studies at the real world: Human Behavior; Studies at home: Webmaster SEO, Graphic Web Apps Design, Internet & Social Media Marketing, Video Production, You Tube Branding, Trading, Import-Exports, Affiliate Marketing, Cooking, Laundry, Home Cleaning; Work experience: Public-Private-Entrepreneur Sectors; Other Definitions: Bitcoin Evangelist, Human Rights Peace and Love Advocate. Author of: Why Maslow: How to use his theory to stay in Power Forever (EN/SP), Asylum Seekers (EN/SP), Manual for Gorillas: 9 Rules to be the “Fer-pect” Dictator (EN/SP) Social Media profiles: Twitter/FB/Instagram/VK/Linkedin/Sina Weibo: @rodulfox