US vs Russia: Everything you need to know about the battle for influence in Venezuela

The U.S. and Russia are locked in a battle for influence over crisis-stricken Venezuela, with Washington and Moscow trading barbs over perceived meddling in the South American country. On Monday, the U.S. accused Russia of aggravating political tensions in Venezuela. That prompted the Kremlin to repeat its claim that the White House has been trying to orchestrate a “coup.”

It comes less than 48 hours after two Russian military planes touched down in Caracas, fueling speculation that Moscow is seeking to bolster its presence in the oil-rich, but cash-poor, country. Russia has long been an ally of Venezuela — lending the Latin American country billions of dollars and backing its oil industry and military.

Moscow and Caracas have sought to improve diplomatic relations in recent months, at a time when ties between the U.S. and Venezuela have dramatically deteriorated. The Russian planes over the weekend are not the first to arrive in Venezuela in recent months.

In December, two Russian planes touched down in Venezuela, again triggering a war of words been Washington and Moscow. Russia and Venezuela have also held joint military exercises in recent weeks. The U.S. has sought to ratchet up the pressure on Russia to sever its diplomatic, economic and military ties with Venezuela, but to no avail. More than 50 countries, including the U.S. and most Latin American and European countries, have recognized Guaido as Venezuela’s legitimate leader.

It has thrust Venezuela into uncharted territory — whereby it now has an internationally-recognized government, with no control over state functions, running parallel to Maduro’s regime. The socialist leader has overseen a long economic meltdown, marked by hyperinflation, mounting U.S. sanctions and collapsing oil production. As a result, some 3 million Venezuelans have fled abroad over the past five years to escape worsening living conditions.

US vs Russia: Everything you need to know about the battle for influence in Venezuela, CNBC, Mar 27