Venezuela's Maduro in Moscow Seeking Financial Help

Russian President Vladimir Putin and Venezuelan leader Nicolas Maduro will on Wednesday discuss badly needed financial assistance to help prop up the socialist country's collapsing economy.

Hit by low oil prices, mismanagement and the impact of US sanctions, Venezuela is in freefall. 

Putin spokesman Dmitry Peskov said Maduro had travelled to Moscow specifically to ask Russia -- itself the target of US sanctions -- for financial assistance.

"The talks will focus on the help which the Venezuelan leadership needs," Peskov told reporters, declining to be more specific.

He said the economic situation in the Latin American country remained difficult but noted "signs of improving dynamics".

Venezuela, which has been rocked by deadly protests and economic chaos, is counting on Russian support amid growing international isolation.

Food and medicine shortages have sparked an exodus of some two million people. The International Monetary Fund projects hyperinflation of 10 million percent next year.

After Maduro held talks with Putin last year Russia, Venezuela's major creditor, agreed to restructure $3.15 billion of debt taken out by Caracas in 2011 to finance the purchase of Russian arms.

Largely isolated from the international community, Maduro is trying to shore up support from his allies. 

He is visiting Moscow after hosting his Turkish counterpart Recep Tayyip Erdogan in Caracas.

Russia 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.