German Media Suggests Venezuela Might Become Russia's 'New Cuba in US Backyard'
sputniknews.com

Frankfurter Allgemeine pointed out that in recent years Russia has heavily invested in the Venezuelan energy sector, saving it from stagnation due to ageing equipment and lack of new drilling sites. Moscow is also among the few states still giving Caracas new credits, restructuring and writing off old loans as the country struggles to cope with its huge debt. During the last visit by Venezuelan President Nicolas Maduro to Moscow, Russia promised $6 billion in investments in the near future.

Another point of cooperation between the two states is the military sphere. The newspaper stressed that after the US stopped supplying Caracas with weapons and Israel halted shipments of spare parts for F-16s, Moscow stepped in to fill the void. Russia and Venezuela have signed multi-billion contracts on military equipment, and in the near future, the country will start producing Kalashnikov rifles on its territory.