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Russian Federation says worldwide sanctions on Venezuela "not constructive" (ROSN)

12 August 2017

On Thursday, Credit Suisse Bank banned the trading and use of their bonds over the recent "political climate" in the country.

"Oil and gas producer Rosneft has already delivered about $6 billion in advance disbursements to the Venezuelan state oil company PDVSA and has no immediate plans to make further payments to the company", the news agency reported.

All this served as the backdrop for the reconvening of the National Constituent Assembly on Wednesday, Aug 9, where the topic of discussion was one of paramount importance: the struggle to diversify, strengthen, and address the character of Venezuela's economy in the face of the economic war waged by the national and worldwide forces of austerity, neoliberalism and counter-revolution.

A Credit Suisse spokesman confirmed its contents.

The developments fuelled tensions that have been flaring in Venezuela for the past four months.

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"If [Trump] is so interested in Venezuela, here I am", he said during his address to the assembly.

Kuczynski said his primary concern with Venezuela was the regional fallout as thousands of Venezuelans flee the country's grinding poverty and hyperinflation every day and seek refuge in neighbouring countries.

Banks are under pressure from regulators to know their customers and rein in shady dealings in their operations.

Venezuela has the support of both China and Russian Federation, two countries traditionally opposed to global sanctions that hold all-powerful vetos in the UN Security Council.

Peru, Canada, Brazil, Chile and Colombia were among the countries that criticized the deteriorating human rights conditions in Venezuela, and vowed to seek a peaceful end to Venezuela's political crisis.

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The leftist Brazilian leader, who was ousted a year ago in what many considered to be a right-wing parliamentary coup, also expressed support for Venezuelan President Nicolas Maduro and efforts to promote dialogue with the opposition.

The opposition has criticized the assembly, filled with Maduro loyalists, as a power grab and attempt to install a "communist dictatorship".

Moscow and Caracas are also in talks for a separate oil deal that would allow Russian Federation to evade potential complications from USA sanctions, Reuters reported in July. It was recently suspended from South America's Mercosur trade bloc and the Trump administration sanctioned several top officials including Maduro.

"Venezuela can't be sanctioned by anything or anybody", he said.

Handling Venezuelan debt has become an extremely divisive issue. The transaction prompted an internal review by its compliance and legal staff. Goldman Sachs has said it bought the bonds for asset-management clients through a broker, and didn't provide money directly to the government.

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Hausmann calls Venezuela's bonds "hunger bonds".

Russian Federation says worldwide sanctions on Venezuela