Visit by Turkey's Erdogan boosts Venezuela's Maduro

Petro price booms as Venezuelan President announces new peg at 9,000 bolivares

"I want my visit to be considered as a symbol of collaboration of the Turkish people with the people of Venezuela", said Erdogan.

Before the encounter between the two world leaders, Kremlin spokesman Dmitry Peskov refused to give reporters at a press conference a number on Russian investment in the country.

Putin's foreign affairs adviser, Yuri Ushakov, said Russian Federation will express its support for a peaceful dialogue in Venezuela, adding that all of the country's "internal political problems must be settled through an open dialogue between political forces".

Despite efforts by the west to crack down on the Maduro regime, Turkey has imported over $900 million in gold this year in support of Venezuela.

In the framework of Erdogan's visit, Venezuela and Turkey signed a series of cooperation agreements on energy, mining, and commercial and maritime transport.

Prior to leaving for Moscow, Maduro hosted Turkish President Recep Tayyip Erdogan for talks in Caracas, as well senior officials from North Korea and Iran. "Trade restrictions and unilateral sanctions do not seem right to us", Erdogan said. "You cannot punish a whole people to resolve political disagreements", he explained.

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.

The Venezuelan government has been facing a series of United States embargoes targeting its economy and the country's officials since 2014, under the pretext of alleged human rights abuses and threats to USA national security.

Maduro contends he is the victim of an "economic war" led by US-backed adversaries.

He also praised Venezuela's socialist leader, saying Maduro's "exemplary attitude is very valuable at a time when enmity toward Islam has risen and Western countries are stoking hostility toward foreigners".

Venezuela, overwhelmed by hyperinflation, a severe shortage of commodities and a strong recession, has reportedly exported around $ 700 million worth of gold to Turkey.

The European Union has also slapped sanctions on Venezuela over alleged rights abuses and irregularities in the re-election of Maduro.

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