Venezuela may lose the ability to pay the debts to Russia. As stated by Deputy Finance Minister Sergei Storchak, the Ministry does not exclude such development of events.
“The problems probably will. It all depends now from the army, from the troops how much they are true … the oath. Another estimate is hard to give, it is impossible,” — said Storchak. Now the total debt is $ 3 billion.
The Deputy Minister explained that now Venezuela during the grace period interest payments, and a few years would be paid and the debt itself. Until recently, he said, Caracas makes payments without arrears: “As they serve, that’s easy — twice a year, September and March. The next payment in late March. Outstanding amounts no.”
“Grace period they remain, so, too, only the interest paid. Six years, in my opinion, he is. In recent times quite a large amount — more than $ 100 million. Upcoming payment of the same. We have a fixed interest rate,” — said Storchak.
The Deputy Minister said that relations in the case of non-payment for one reason or another are built on the lines of agent banks: “Accordingly, the agent Bank, representing the interests of a creditor, for an agreed period of time informs you in such and such date you have to pay so much. Further, the Bank customer either confirms that a payment made, or says, sorry, I can’t.”
In November 2017, Russia and Venezuela signed an intergovernmental Protocol on the restructuring of the debt of 3.15 billion dollars for 10 years with minimal payments in the first six years.
Everything was fine until the US yesterday announced sanctions against PDVSA, the main source of foreign currency for Venezuela. According to the American Ministry of Finance to block all the assets and interests of the Venezuelan oil state-owned company in the jurisdiction of the United States, it is also forbidden deal with it.
In this regard, the Russian foreign Minister Sergei Lavrov said at a press conference following talks with foreign Minister of Sierra Leone, Ali Kabbah, that Russia condemns the introduction of us sanctions against PDVSA.
“Experiments illegitimate handling other people’s money the US has, unfortunately. Such freeze was in relation to at the time, and Iraq, Libya, Iran, Cuba, Nicaragua, Panama. In most cases, these freezing in fact resulted in confiscation of the funds of a foreign government. The same is now doing the UK authorities, arrested, and essentially confiscated the gold reserves of Venezuela, which is stored in London,” Lavrov said.
“Besides the fact that it blatantly undermines the last remnants of confidence in the international monetary system based on the supremacy of the dollar, among other things, this has exacerbated the crisis in the Venezuelan society and frankly serves to spur, to incite opposition to illegal actions”, – said the Minister.
“Additionally, today reported that sanctions applied to the Venezuelan oil company PDVSA, for its North American subsidiary Citgo. That underscores the cynicism of what is happening, American companies operating in Venezuela, from the sanctions regime are excluded. That is, you want the mode change, and from that make a profit to fuck,” – said Lavrov.
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