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Economy News

The Economic Times

Economy / The Economic Times

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How much does Venezuela owe China, and why is oil involved?

America's control over Venezuela's oil exports diverts crude shipments previously used to repay China. Venezuela owes China billions, with estimates varying widely. China continued receiving payments even after Venezuela's default through oil-backed loans. The U.S. now controls oil sale proceeds, making future debt servicing to China uncertain. Other creditors pursue Venezuela's assets.

23 Jan 2026 12:02 pm