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Turkish president praises Venezuela’s leader in 1st visit

08 December 2018

Erdoğan, the first Turkish president to visit Venezuela, said that bilateral trade between Turkey and Venezuela has jumped more than six-fold over the previous year, exceeding $1 billion in the three quarters of 2018.

One of the agreements formalizes cooperation between the state-owned oil companies Petróleos de Venezuela S.A. (PDVSA) and the Turkish Petroleum International Company, in addition to an agreement to avoid double taxation and tax evasion.

Trade between the two countries reached 800 million dollars in 2017, officials said.

Russian Federation and Venezuela enjoy a long history of ties and Maduro's predecessor Hugo Chavez, known for his passionate tirades against the United States, was a welcome guest at the Kremlin.

While the markets of other countries on Localbitcoins demonstrated moderate trading volume last week, Venezuela, shows a trend to further increase the volume of bitcoin trade.

Maduro has become increasingly isolated in the world under growing sanctions led by the USA and the European Union which accuse him of undermining democratic institutions to hold onto power, while overseeing an economic and political crisis worse than the Great Depression.

"Whatever Venezuela produces, it has a right to sell in the world", Maduro said.

As a result of inefficient economic policies and failed experiments, that Venezuelan consumers in the end pay a high price, which includes the compulsory government-approved cryptocurrency Petro.

Putin spokesman Dmitry Peskov said ahead of the meeting that Maduro had traveled to Moscow specifically to ask Russian Federation - itself the target of U.S. sanctions - for financial assistance.

Maduro has repeatedly blamed a US-led economic war for the crisis, saying Washington is plotting to topple his government.

Venezuela's President Nicolas Maduro arrived in Moscow on Tuesday to meet with his Russian counterpart Vladimir Putin, a spokesman for the Venezuelan Embassy in Russia informed TASS.

"We also signed a contract to guarantee all the wheat - 600,000 tonnes of wheat for the bread of the Venezuelan people", said an ebullient Maduro in the message.

Turkish president praises Venezuela’s leader in 1st visit