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 economy affected by low oil prices and US sanctions.

“The talks will focus on the help which the Venezuelan leadership needs,” Putin spokesman Dmitry Peskov told reporters.

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

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.

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.

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

Source: Agencies