Venezuela’s Collapse Frays Its Economic Ties With Russia

Jun 17, 2019 · 18 comments
Victoria (Colorado)
I wonder if Putin was tired of seeing failed economic investments and corrupt Venezuelan politicians lining their pockets with money? What country will Maduro grovel to next? China again? Iran? Meanwhile how many people continue to suffer as a result of his inept ability to lead?
Kaari (Madison WI)
Perhaps if Venezuela's biggest oil customer lifted its sanctions, that country would be doing better. Many are convinced that US "interests" have been involved in skullduggery since the day Hugo Chavez declared his candidacy back in the '90's
Wim Roffel (Netherlands)
It is obvious that no foreign help can save Maduro as long as he refuses to do the obvious: monetary reform. The exchange rate should be at least somewhat market conform and inflation should be tamed.
Tom Mariner (Long Island, New York)
" the tree of liberty must be refreshed from time to time with the blood of patriots & tyrants" -- Thomas Jefferson. Are there no Venezolano patriots?
Daniel Grasso (Lanham MD)
@Tom Mariner That is, Oof course, an American saying. The Venezuela saying is, “I need twenty percent of the drugs transiting the country, I have so many officials to pay off.”
sloreader (CA)
Just another failed economy aligned with Russia. All in a days work for Mr. Putin, a man who fantasizes about restoring the Soviet Union to its former status as a fair weather friend with a history of presiding over one failed economy after another. When will people begin to understand that untethered communism and unrestrained capitalism are doomed to failure, in stark contrast to countries like Germany and Japan where capitalism thrives because it works hand in hand with the government?
cb (fla.)
A socialist state is unable and unwilling to prop up another socialist state. Schadenfreude is intoxicating!
Chris (SW PA)
@cb Neither country is socialist.
Stephen Merritt (Gainesville)
All of Russia's international interventions, including in Syria, are those that it can undertake on the cheap because, as this article indicates, Russia can't afford anything else, and the kleptocrats in power certainly don't intend to reduce their stealing in order to make more money available for other things. The Syria intervention would seem almost laughably small to the Soviet leadership, if they could be revived to see it. And Russia certainly can't prop up Venezuela's economy the way that the Soviet Union propped up Cuba's economy. Venezuela by now is a much worse problem, and the Russian leadership isn't interested, even if it had the choice, in propping up economies that can't offer anything at all in return to Russian government and oligarchic agencies and companies. Unfortunately for ordinary Venezuelans, the country's military leaders are afraid of being charged for their corruption if there's a change in government. In any case, the military by itself lacks the expertise to fix such a catastrophe.
Ronald (Houston)
I can't believe we're still reading "Juan Guaidó, proclaimed himself the country’s interim president". The Venezuelan Constitution is clear and Juan Guaidó did not proclaim himself as president, was his duty dictated by the constitution.
David Godinez (Kansas City, MO)
The Russians may have good strategic reasons for their support of Venezuela, but President Putin's body language in the photo here speaks volumes about what he may be thinking about its leader!
gpickard (Luxembourg)
@David Godinez Dear David, I noticed that too. Putin is leaning away as far as possible from Maduro. He knows it is a waste of his time and money to support this guy, but he is stuck trying to save face.
Erik van Dort (Palm Springs)
Russia's only export to the world has been economic disaster for whomever touches it. The horror stories are everywhere, including in Russia itself.
SWLibrarian (Texas)
Once again, the "great powers" are willing to sacrifice the lives of ordinary people in a remote part of the world to stoke their own geopolitical ambitions. Take note, the current administration in the USA is doing exactly the same thing with Iran it did in openly supporting revolt in Venezuela. It is attempting to create a crisis to divert attention from domestic failure. In the Middle East, the lose of life will be very great. Once the effort fails, the people of the region will be left to suffer as the "great powers" get bored and regroup to create a new epicenter of proxy conflict.
Pandasi (Madrid)
@SWLibrarian With all due respect, as a Venezuelan, I’ll tell you right away that there was a crisis in our country before Trump got involved. We’ve been stuck with a corrupt, inept dictatorship that has made life at home nearly impossible. Venezuelans are looking abroad for support. I disagree with Trump in most topics, but his hardline against Maduro is welcome.
Herry (NY)
@SWLibrarian Venezuela has been in a state of decline well before Trump took office. This is more of a warning about corruption. I recommend searching the NY Times for the former treasury secretary of Venezuela under Chavez who stole billions of dollars shortly after his death and left the country. His son is an accomplished equestrian, riding very expensive horses paid for by billions of stolen dollars.
Rosalie Lieberman (Chicago, IL)
@SWLibrarian Maduro is selling off gold from his central bank, flying it to a country in Africa where it's melted down and resold, in order to stay afloat. For how long? See the WSJ. None of this money is feeding the hungry. Likely being used to pay his army and security detail, without which he is a goner.
Birdygirl (CA)
No matter what financial rescue efforts Maduro attempts, the man and his corrupt government are a total train wreck. The Venezuelan people deserve better.