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Russia has sent millions of euros and dollars in the form of banknotes to Venezuela in one year Sent. This is according to figures from Russian customs that Bloomberg has analyzed. Between May 2018 and April 2019, Moscow brought a total of $315 million in cash to Caracas, the capital of Venezuela, across six flights. What the money is intended for remains unclear for the time being. The money is probably part of a transaction of oil or gold, but that cannot be said with certainty.
Bloomberg writes that the money comes from several Russian banks. In January, Gazprombank sent €100 million worth of 100 euro banknotes to Venezuela. Two days earlier, Evrofinance arranged for Mosnarbank to pay $50 million in dollar bills. That was on top of two deliveries totaling $55 million in unspecified currency in May and July last year.
Venezuela is under great economic pressure from U.S. sanctions. The country no longer has access to the U.S. banking system and is struggling to access oil and Selling gold. The United States is further increasing pressure on the country with the aim of overthrowing Maduro's government. To date, this has not been achieved. Despite the social unrest, Maduro still enjoys the support of part of the population. He also receives support from countries such as Russia and China, which see an opportunity to increase their influence in the region.
With the delivery of cash, Russia is trying to support Venezuela's economy and evade US sanctions. Due to hyperinflation, the Venezuelan bolivar is as good as worthless Become, while the supply of foreign currency is scarce. With the supply of euro and dollar bills, Maduro is trying to keep the economy and the domestic payment system afloat. Cash plays an important role in this, because electronic payments with foreign countries are blocked by the US sanctions.
Due to the economic crisis, Venezuela has already had to sell part of its gold reserves. In May Sold the central bank for $570 million in Gold bars and again in July for $40 million. The country also tried unsuccessfully to retrieve part of its gold reserves from London. Due to U.S. sanctions, the Bank of England wants Venezuela's gold to this day Do not release.
It is not clear who bought the gold from Venezuela. There are rumors that Russia has picked up the precious metal, but that has never been officially confirmed. However, that could be a partial explanation for the planes full of banknotes.
