Venezuela news: How Putin’s Russian oil is keeping Venezuela president in power –


The US has accused Russia of keeping Venezuelan president Nicolas Maduro in power to score cheap foreign policy goals. A senior US official said Russia’s state-controlled oil group, Rosneft, is “central” to the survival of Mr Maduro’s government. This because of its pivotal role in the country’s crude oil and arranging finances.

The Trump administration has been tightening economic sanctions on Venezuela in an attempt to take down the government and trigger a fresh presidential election.

Elliott Abrams, Washington’s special representative for Venezuela told Financial Times: “The Russians are in a different situation because Rosneft is really central to the regime’s survival.

“It is buying the oil that is produced, it is helping sell that oil, it is helping them arrange financing … Rosneft is really key here.”

However, Kremlin has argued Russia’s relationship with Mr Maduro is pragmatic, rather than strategic.

READ MORE: Trump vows to investigate Cuba’s ties with Putin 

But Rosneft said its relations with the Venezuelan oil industry company go back long before the US sanctions.

Rosneft said attempts by the US to hinder Venezuelan oil supplies to the company would ”represent illegal expropriation on behalf of American officials.”

The company added: “That is why the company retains the right to defend its investment in relevant national and international institutions.”

Venezuela is in the middle of a political crisis as a succession of world powers, including the USA, declared they were recognising the opposition leader Juan Guaidó as the rightful president of the South American nation.

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