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Russia Signs Pact with Venezuela - Joe Blogs
In this video I discuss the recent 10 Year Partnership Deal signed between Russia & Venezuela. Venezuela has the largest oil reserves in the world however its oil industry is old and decrepit and has been in decline for the past 20 years. As a result the Economy is in severe difficulty and 76% of the population are classified as living in poverty. Venezuela also faces severe Sanctions which are an additional hurdle when it comes to rebuilding the economy. Russia is also facing heavy Sanctions and is also struggling from an economic perspective bit has now agreed to help Venezuela develop its resources and rebuild the economy. The key question is can Russia afford to do this whilst continuing to fund the war in Ukraine?
Chapters:
0:00 Intro
2:07 OIL
4:44 PARTNERSHIP
9:08 BRICS
10:21 SANCTIONS
12:46 OIL PRODUCTION
16:42 GDP
19:00 INFLATION
23:36 SUMMARY & CONCLUSION