Russia's largest oil company Rosneft offers money for oil shipments from Venezuela, which has the largest oil reserves in the world, meaning Ross Oil plays a role in the sale of Venezuelan oil.
It is reported that Russia is selling about 225 thousand barrels per day of Venezuelan oil, accounting for 13% of the country's total exports. Russian money plays a crucial role in helping Venezuelan President Nicolas Maduro's government meet its commitments and prevent a political coup in the country, the source said.
The Maduro administration needs Russian funds to finance all of its expenses, from bond interest, to financing the import of food and medicine.
After the fall of oil prices since the middle of 2014, Venezuela has suffered a political and economic disaster. Inflation has reached more than 700%, and GDP has fallen by more than a third from 2013 levels.