PortandTerminal.com, November 3, 2019
Venezuela kept afloat thanks to $315 million in cash sent from Russia, customs records suggest
MOSCOW, RUSSIA – Bloomberg is reporting that Russia shipped hundreds of millions of dollars to Venezuela to help the beleaguered government of Nicolas Maduro evade US sanctions.
A total of $315 million of U.S. dollar and euro notes were sent in six separate shipments from Moscow to Caracas from May 2018 to April 2019, according to data reviewed by Bloomberg from ImportGenius, which compiled Russian customs records it obtains through private sources. The cash came from lenders run by the countries’ governments and went to Venezuela’s development bank, the records show.
PortandTerminal.com estimates that the $315 million in cash Russia sent weighed 5,355 pounds (2,429 kg) in case you were wondering.
A Venezuelan government official, who asked not to be identified discussing sensitive matters, confirmed the country had received cash shipments tied to Evrofinance but declined further comment.
The Venezuelan regime has gone to great lengths to maintain access to hard currency as the U.S. crackdown leaves it isolated from conventional financial systems, with major banks mostly refusing to do business with Maduro. Among other ventures, the regime has used secret gold sales to raise funds, while also studying the possibility of using cryptocurrencies or a Russia-run global payment system to send money.
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