Maduro Builds Stronger ties with Russia to Rebuild Economy

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Venezuelan President Nicolas Maduro met with a Russian delegation led by Deputy Finance Minister Sergei Storchak on ways to strengthen Venezuela’s economic independence.

The meeting between the Russian delegation and President Maduro was held in the capital Caracas on Tuesday.

“[I’m having] an emergency working meeting with the deputy finance chief and a group of economic advisers from the Russian Federation. We are discussing measures that would help us to boost the new production model and strengthen economic independence,” said Maduro through his account official on Twitter.

The meeting was also attended by officials from the Russian Central Bank and other agencies.

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Venezuela has been suffering from a deep economic crisis caused by falling global oil prices and the internal political crisis.

On October 19th, Venezuela’s Ambassador to Russia Carlos Faria Tortosa said that Caracas and Moscow were working on the possibility of organizing a visit by Venezuelan President Nicolas Maduro to Russia in late November to attend a meeting of the joint intergovernmental commission on trade and economic cooperation.

“A series of meetings was conducted, and a [meeting of] Russia-Venezuela high-level intergovernmental commission will soon take place, where Venezuela is going to present petro, this time already launched and worked out,” Roa said.

The minister expects that Russia, China and other states would be interested in investing in petro.

“All sovereign states are beginning to see cryptocurrency as a way to break dependence on a Currency that relies on securities lacking any real value,” he said.

The petro is the world’s first oil-backed cryptocurrency. Venezuelan President Nicolas Maduro set the price of one petro as the price of one barrel of Venezuelan oil, or around $60. According to Maduro, any Venezuelan will be able to purchase petro for foreign currency while after November 5th, the cryptocurrency will be available for purchase for Venezuelan national currency.

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