Financial News
Putin assisting Maduro regime amid ongoing protests over rigged election result
Venezuelan President Nicolás Maduro is turning to his friend, Russian President Vladimir Putin, to help him put down opposition to the recent outcome of the presidential election which most outside observers say was rigged.
Maduro’s claim to victory sparked widespread protests that have led to the arrests of 2,200 people, including opposition figures and journalists.
Amid the tension, Putin sent his Baltic Fleet to a port near Caracas as opposition politicians have called on members of the military and security forces to respect the will of the people. The security forces have remained fiercely loyal to Maduro and show no signs of backing down.
Ukrainian President Volodymyr Zelenskyy recently posted on social media platform X, "Worrying reports of Russian Wagner mercenaries being spotted in Venezuela alongside government forces."
Putin called Maduro to congratulate him on his win and invited him to the next BRICS summit to be held in Russia in October.
MADURO CRACKDOWN ON POLITICAL OPPONENTS FOLLOWING RIGGED ELECTION: 'CHILLED PEOPLE INTO SILENCE'
Analysts say Russia’s intervention in Venezuela’s crisis and the growing links between the two countries is a warning sign for the U.S. as Putin looks to shore up authoritarian allies and oppose U.S. policies in the Western Hemisphere.
"Russia’s involvement in Venezuela is problematic for both the Venezuelan people and the United States," Jorge Jraissati, Venezuelan foreign policy expert and president of the Economic Inclusion Group, told Fox News Digital.
"If Venezuela becomes a military hub for powers like Iran and Russia, the region will become more unstable and autocratic. This is bad for business, human rights, and security," Jraissati added.
Jraissati also notes that the growing presence of the Wagner Group in Venezuela highlights the involvement of Russian military contractors in activities ranging from the protection of Maduro to the gathering of corporate intelligence.
Ariel Gonzalez Levaggi, senior associate at the Center for Strategic and International Studies Americas Program, told Fox News Digital that Wagner mercenaries made appearances in Venezuela during the last presidential crisis in 2019 and are on the ground to improve presidential security and train special military forces.
In the 2019 crisis, when the opposition-controlled National Assembly refused to recognize Maduro’s victory and opposition leader Juan Guaidó declared himself acting president, Russia sent the same S-300 Air Defense Systems to back up Maduro that were provided to help keep Bashar al-Assad in power in Syria.
Levaggi notes that even following the death of Wagner leader Yevgeny Prigozhin in 2023, the group still "represents a threat to the region, since not only is it used as a tool of military influence by Moscow, but it also allows for the extension of authoritarian governments in the region."
Maduro, who has been in power since 2013 following the death of Hugo Chavez and was seeking a third six-year term, declared himself the winner on July 28 but has refused to provide the data to show that he won. The government-backed National Electoral Council said that Maduro won 6.4 million votes, and Gonzales won 5.3 million.
Venezuela’s main opposition, led by Edmundo González Urrutia released data from polling stations across the country that showed that González Urrutia received nearly 7 million votes compared to just over 3 million for Maduro.
The U.S. rejects Maduro’s claim that he won the election and recognizes González Urrutia as the official victor.
"Given the overwhelming evidence, it is clear to the United States and, most importantly, to the Venezuelan people that Edmundo González Urrutia received the most votes in Venezuela’s July 28 presidential election," a State Department spokesperson told Fox News Digital.
VENEZUELAN OFFICIAL DECRIES 'GRAVE LACK OF TRANSPARENCY AND VERACITY' IN ELECTION RESULTS
Secretary of State Antony Blinken, in a statement, also sent congratulations to González Urrutia and called on all Venezuelan parties to begin an inclusive and peaceful negotiated transition for the Venezuelan people.
Along with the U.S. response, the European Union has not recognized Maduro’s claim to victory and says he has not shown the necessary evidence to prove that he won the election. Leaders of regional heavyweights Brazil, Mexico and Colombia have attempted to mediate the dispute. The three leftist presidents, led by Brazil’s Luiz Inácio Lula da Silva, Colombia’s Gustavo Petro and outgoing Mexican President Andrés Manuel López Obrador, maintain friendly relations with Venezuela and generally prefer to stay out of regional affairs. The trio called on Maduro to release the election data but stopped short of saying he should step down.
So far, mediation efforts have failed, and Maduro continues his crackdown on dissent with assistance from Putin.
Moscow uses its influence in Venezuela as leverage against the U.S. and to thwart American power in the Western Hemisphere as a response to U.S. support for countries in Russia’s historic backyard, including Georgia and Ukraine. Similar to Russia’s support for Assad in Syria, Putin wants to preserve his strongman ally, Maduro, from falling to popular protests or democratic elections.
Venezuela expert Jraissati said Russia has maintained a close military relationship with Venezuela and has deployed the S-300s, Mi-35M and Mi-26 helicopters, military trainers, and Wagner mercenaries to the country. Moscow has also sent nuclear-capable Tu-160 backfire bombers over the years, and Venezuela has purchased over $20 billion worth of military equipment since 2006.
Russia’s ties to Venezuela also include close links in the energy sector, as Russia’s energy firms began establishing relations with Venezuela’s state-owned oil company, Petróleos de Venezuela, S.A. and worked on joint projects starting in the early 2000s. Russia’s state-owned Gazprom won the rights to explore for gas offshore Venezuela in 2006.
Jraissati said the U.S. approach to Venezuela needs reassessment.
"The foreign policy approach of the Biden administration has weakened America's global standing, including in Latin America and Eastern Europe. Doing so is essential to guarantee America’s military, commercial, and energy interests," he said.
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.