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Venezuela, Russia strike debt deal: diplomat

27 Oct 2017, 7.06 pm GMT

Venezuela, Russia strike debt deal: diplomat

Caracas, 27 October (Argus) — Venezuela and Russia have reached an agreement to restructure up to $3bn of outstanding debt owed to Russian lenders, a Russian diplomat in Caracas told Argus.

The debt-restructuring contract will be signed before the end of November, the diplomat added, declining to give more details before Venezuela's government announces the agreement officially.

The debt deal, if confirmed, would further bolster the government in Caracas, following today´s eleventh-hour principal debt payment on a bond issued by state-owned oil company PdV.

Russia has been deepening its foothold in the Opec country in recent months, with a focus on oil, gas and arms sales.

There was no immediate comment from Venezuelan government officials on the debt restructuring with Moscow.

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