© Reuters/Henry Romero
Crude oil tankers are docked at Isla Oil Refinery PDVSA terminal in Willemstad on the island of Curacao.
Nicolas Maduro's staunchest international ally - Russia - reaffirmed last week its full support to the Socialist leader's regime and his efforts to prevent what Moscow sees as interference in Venezuela's domestic affairs.
At the same time, Russia, which
vowed to defend its oil assets in Venezuela as early as the political crisis began in January,
sees risks to its investments in the Latin American country and pledges to react "in the toughest way" possible within international law if those investments are threatened, Russia's Ambassador to Venezuela, Vladimir Zaemsky, told Russian government-run newspaper
Rossiyskaya Gazeta in an interview published this week.
Russia is the staunchest supporter and ally of Maduro's regime in the political power struggle in the Latin American country sitting on top of the world's largest oil reserves, while the US and many European nations have recognized Venezuelan opposition leader Juan Guaidó as the legitimate interim president.
Russia has stood by Maduro for years and has poured billions of US dollars in Venezuela in the form of loans and oil investments. Russia's state-controlled oil giant Rosneft has extended US$6 billion of loans to Venezuela's state oil firm PDVSA. As of December 31, 2018, Venezuela still owed Rosneft
US$2.3 billion.
Rosneft is also said to be helping Venezuela to get the oil products it needs to dilute its heavy crude after the US sanctions choked off American naphtha exports to Venezuela.
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