Russia will defend its oil investments in Venezuela 'in the toughest possible way'.

247, with Sputnik - Russia reaffirmed last week its full support for the government of President Nicolás Maduro and its efforts to prevent what Moscow sees as interference in Venezuela's internal affairs. Moscow, which has vowed to defend its oil assets in Venezuela since the political crisis began in January, sees risks to its investments in the Latin American country and is committed to reacting "in the toughest way" possible within international law.

The Russian ambassador to Venezuela, Vladimir Zaemsky, declared to the Russian newspaper Rossiyskaya Gazeta in an interview published last week that he will defend these investments at all costs if they are threatened.

Russia is the staunchest defender and international ally of the Maduro government in its struggle for political power in the Latin American country, in contrast to the United States and Western European powers.

Russia has stood by Maduro for years and poured billions of dollars into Venezuela in the form of loans and oil investments. Rosneft, the Russian-controlled oil giant, granted $6 billion in loans to Venezuela's state oil company PDVSA. As of December 31, 2018, Venezuela still owed Rosneft $2,3 billion.

Rosneft is helping Venezuela obtain the products needed to dilute its heavy crude oil after US sanctions stifled American naphtha exports to Venezuela.

There are certainly risks to Russian investments in Venezuela, but these risks are associated with Washington's behavior, not the Venezuelan government, as shown by the case of PDVSA's Citgo refining subsidiary in the United States, Ambassador Zaemsky told Rossiyskaya Gazeta in an article titled: "Russia is not abandoning its friends."

All Russian investment projects have been approved under relevant Venezuelan and international law and are therefore under its protection, Zaemsky said, adding:

"If attempts are made to deprive Russian companies of their investments in the Venezuelan economy, Russia will react in the harshest manner, employing all means available under international law," the diplomat warned.

Referring to Citgo, Zaemsky said that Russia sees this as unfair competition from the US, citing another example — "unprecedented US pressure on Europe" regarding the Nord Stream 2 gas pipeline project, in an attempt to remove Russia from the European Union (EU) gas market.

Similarly, Washington essentially appropriated assets from a large oil refining business without paying a cent for it, hiding behind stories of its transfer to "the legitimate president Juan Guaidó," Zaemsky pointed out, according to the Rossiyskaya Gazeta newspaper.

The Russian ambassador to Venezuela also reaffirmed Moscow's position that Russian-Venezuelan relations are strategic and that the countries continue to strengthen them.

This position was also expressed last week by Russian Foreign Minister Sergei Lavrov, who stated on Friday, after speaking with Venezuelan Vice President Delcy Rodriguez, that Moscow supports Maduro and the "measures taken by the government to prevent further destabilization."

The Venezuelan vice president confirmed what Maduro has repeatedly said: that the Venezuelan leadership is ready for this dialogue. "It is regrettable, of course, that the opposition consistently rejects dialogue—with direct instructions from Washington, as we all know very well," Lavrov said, as reported by the Russian Foreign Ministry.

On Saturday, in a telephone conversation with US Secretary of State Mike Pompeo about Venezuela, Lavrov "condemned the threats made by the US against the country's legal leadership, which is a direct interference in the internal affairs of a sovereign state and a serious violation of international law," the Russian Foreign Ministry reported.

Venezuela is struggling to find buyers for its oil after sanctions essentially banned exports to what was its biggest market until recently, the US, as well as US imports of naphtha, which the country uses to dilute its thick, heavy oil to make it more fluid.

Russian oil company Rosneft is reportedly coming to the rescue with shipments of naphtha to Venezuela to help make its heavy naphtha suitable for processing and export. Two Rosneft tankers will send 1 million barrels of heavy naphtha to Venezuela in the coming weeks, Bloomberg reported on Tuesday, citing ship reports and a source familiar with the plans. These naphtha shipments could provide immediate relief, but would be less than Venezuela's typical monthly imports of heavy naphtha, which are 2 to 3 million barrels, according to Bloomberg.