Economics
Venezuela Pledges to Meet Debt Obligations Despite Sanctions
- Maduro visits Moscow amid growing reliance on Russian support
- Says military cooperation with Russia has proved beneficial
Venezuela's President Nicolas Maduro speaks during the plenary session of Russian Energy Week in Moscow, Russia. Oct. 4.
Photographer: Mikhail Svetlov/Getty ImagesThis article is for subscribers only.
Venezuela will fulfill its sovereign-bond obligations even though U.S. sanctions are affecting its ability to conduct normal debt relations, said President Nicolas Maduro.
Maduro spoke at the Russian Energy Week conference in Moscow on Wednesday as his nation’s struggling economy becomes increasingly reliant on the Kremlin’s support. The Latin American oil producer is struggling to meet its financial obligations and remains on course for a fourth consecutive year of economic contraction in 2017, according to Fitch Ratings.