Page 2 of 36

Gartman: Caracas Capital on Weatherford

Our report discussing oil service company Weatherford, which entered bankruptcy protection with help from Venezuela’s unpaid bills, caught the attention of legendary investor Dennis Gartman who reads our reports and cited our work (and Russ “who knows more about the ins-and-outs of Venezuela’s capital markets than anyone we’ve come across ever”) in his daily Gartman Letter.

US sanctions Cuban firm to weaken Maduro’s hold in Venezuela

“If you help Cuba suck oil out of poor, starving Venezuela, you will be punished,” said Russ Dallen, a Miami-based partner at brokerage Caracas Capital Markets. “But if you promise to go and sin no more, you can get off the devastatingly powerful US sanctions list.”

https://www.washingtonpost.com/business/us-sanctions-cuban-firm-to-weaken-maduros-hold-in-venezuela/2019/07/03/24caf718-9daf-11e9-83e3-45fded8e8d2e_story.html?utm_term=.a3346d6d3b1e

https://www.miamiherald.com/news/business/article232245782.html

Univision: EEUU impone sanciones a una empresa estatal cubana para debilitar a Maduro

“Si ayuda a Cuba a extraer petróleo de la pobre y hambrienta Venezuela, será castigado”, dijo Russ Dallen, de la empresa financiera Caracas Capital Markets, ubicada en Miami. “Pero si prometes ir y no pecar más, puedes salir de la devastadora y poderosa lista de sanciones de Estados Unidos”.

https://www.univision.com/noticias/estados-unidos/eeuu-impone-sanciones-a-una-empresa-estatal-cubana-para-debilitar-a-maduro

i24 TV News: Russ Dallen on Venezuela Crisis & Migrant Flow

Caracas Capital’s @RussDallen with i24’s Eric Landskroner on the Venezuela Crisis & the millions of Venezuelans flooding out of the country.

Wall Street Journal: Oil Sanctions Reach Limits as Venezuela Is Wrung Dry

The main resource its industry lacks isn’t diluent but dollars. Longtime observer Russ Dallen of Caracas Capital says that international reserves have now dipped below $8 billion compared with over $42 billion a decade ago.

https://www.wsj.com/articles/oil-sanctions-reach-limits-as-venezuela-is-wrung-dry-11560270628

Wall Street Journal: 委内瑞拉深陷困境,但美国原油制裁已招数用尽

委内瑞拉工业缺少的主要资源不是稀释剂,而是美元。Caracas Capital长期观察委内瑞拉局势的Russ Dallen称,该国的国际储备目前已降至80亿美元以下,大幅低于10年前逾420亿美元的规模。

https://cn.wsj.com/articles/%E5%A7%94%E5%86%85%E7%91%9E%E6%8B%89%E6%B7%B1%E9%99%B7%E5%9B%B0%E5%A2%83%EF%BC%8C%E4%BD%86%E7%BE%8E%E5%9B%BD%E5%8E%9F%E6%B2%B9%E5%88%B6%E8%A3%81%E5%B7%B2%E6%8B%9B%E6%95%B0%E7%94%A8%E5%B0%BD-11560329412

Univision: Venezuelan oil – a lifeline or Maduro’s Achilles heel?

“Oil is a commodity and at the right price people will buy it. It’s like stolen property; there’s always going to be someone willing to make a buck,” said Russ Dallen, managing director of Caracas Capital, a Venezuela-based boutique investment bank, who closely tracks the oil industry.

***

Cut off from U.S. oil payments, Maduro has already begun to look for alternative markets, including India, the world’s second most populated country with 1.4 billion people and fast-growing fuel market which has a huge appetite for fuel as its population moves from bicycles to motorbikes and cars. “The Indians love Venezuelan oil,” said Dallen. “It’s very heavy, like tar, they can also turn it into asphalt and use it to make roads.”

***

The current head of PDVSA, General Manuel Quevedo is a career military officer with no oil industry experience. “Quevedo has done the work of our sanctions by himself because of his incompetence,” said Dallen. “They have killed the golden goose themselves,” he added.

https://www.univision.com/univision-news/latin-america/venezuelan-oil-a-lifeline-or-maduros-achilles-heel

Univision: El petróleo venezolano – ¿salvavidas o talón de Aquiles de Maduro?

“El petróleo es una mercancía y al precio adecuado la gente lo va a comprar. Es como las cosas robadas; siempre hay alguien dispuesto a hacer dinero”, dijo Russ Dallen, director gerente de Caracas Capital, un banco de inversión con sede en Venezuela que monitorea estrechamente la industria petrolera.

***

Al no poder recibir los pagos del petróleo que se le vende a Estados Unidos, Maduro ya comenzó a buscar mercados alternativos, como India, el segundo país más poblado del mundo con 1,400 millones de personas y un mercado de combustible en rápido crecimiento que tiene una gran sed de combustible conforme su población pasa de las bicicletas a las motos y los automóviles.

“Los indios aman el petróleo venezolano”, dijo Dallen. “Es muy pesado, como el alquitrán, pueden convertirlo en asfalto y usarlo para hacer carreteras”.

***

El actual director de PDVSA, el general Manuel Quevedo, es un oficial militar de carrera sin experiencia en la industria petrolera. “Quevedo ha hecho el trabajo de nuestras sanciones por sí solo debido a su incompetencia”, dijo Dallen. “Ellos mismos han matado la gallina de los huevos de oro”, agregó.

https://www.univision.com/noticias/america-latina/el-petroleo-venezolano-salvavidas-o-talon-de-aquiles-de-maduro

Is Venezuela’s Financially ‘Desperate’ Regime Secretly Hawking The Nation’s Gold?

“They are desperate,” says Russ Dallen, an expert on Venezuelan oil and finances who heads the investment firm Caracas Capital in Miami. “Their cash flow from oil is severely disrupted by the loss of the U.S. market. This week, for example, there are no ships offloading any oil from Venezuela for the first time ever.”

Dallen points out that the U.S. and other countries are trying to block Venezuela from cashing in its gold. Britain is withholding more than $1 billion in Venezuelan gold stashed there.

But Dallen says Maduro will still be able to find countries like Russia, as well as global investment firms, to take the gold off his hands.

“It’s gold,” says Dallen. “There are always people willing to buy gold. That’s why pawn shops do so well.”

That is, Dallen adds, until the gold runs out. Then Maduro stands a bigger chance of being overthrown by opposition leader Juan Guaidó – whom the U.S. and some 50 other countries now recognize as Venezuela’s legitimate president.

http://www.wlrn.org/post/venezuelas-financially-desperate-regime-secretly-hawking-nations-gold

Washington Post: On ousting Maduro, only Venezuela’s opposition appears to favor a bolder approach

Although China and Russia are still receiving Venezuelan oil, those sales generate no income, said Russ Dallen of investment bank Caracas Capital Markets, because they were prepaid with loans that Maduro long ago spent.

Current shipments to China, Dallen said, total 300,000 to 400,000 barrels a day, with 200,000 to 300,000 more going to Russia as its portion of a joint venture. An additional 400,000 barrels a day theoretically goes to India — where Russia owns one of two refineries that handle heavy Venezuelan crude — although Venezuela lacks the ultra-large tanker ships to make up for the long-distance transport costs.

Chevron, which also operates a joint venture with PDVSA, still imports Venezuelan crude under a provision in the sanctions that gave it a six-month grace period.

https://www.washingtonpost.com/world/national-security/on-ousting-maduro-only-venezuelas-opposition-appears-to-favor-a-bolder-approach/2019/02/25/a7f975a2-393b-11e9-a2cd-307b06d0257b_story.html?utm_term=.94bfd307bb37

綜合政治 委內瑞拉危機延燒 中俄等國關注

委內瑞拉投資銀行(Caracas Capital Markets)股東達倫(Russ Dallen)接受美國消費者新聞與商業頻道(CNBC)訪問說,中國擔心委內瑞拉反對派一旦掌權,不會承認已故委內瑞拉強人查維斯(Hugo Chavez)在位期間欠下的債務,或是鑽法律漏洞不兌現這筆款項。

https://taronews.tw/2019/02/26/264703/

https://tw.news.yahoo.com/%E5%A7%94%E5%85%A7%E7%91%9E%E6%8B%89%E5%8D%B1%E6%A9%9F%E5%BB%B6%E7%87%92-%E4%B8%AD%E4%BF%84%E7%AD%89%E5%9C%8B%E9%97%9C%E6%B3%A8-235059840.html

CNBC: Russ Dallen – Venezuela descends further into crisis after weekend of violence

Russ Dallen of Caracas Capital discusses the next steps that Venezuela’s opposition leader, Juan Guaido, may take as he continues to ramp up pressure against President Nicolas Maduro.

https://www.cnbc.com/video/2019/02/25/dallen-venezuela-descends-further-into-crisis-after-weekend-violence.html

Globo: Por que a crise na Venezuela interessa tanto a países como Rússia, China e Turquia

Russ Dallen, um dos sócios do banco de investimentos Caracas Capital Markets, disse ao canal americano CNBC que os chineses temiam que a oposição venezuelana não reconhecesse as dívidas contraídas pelo país durante os anos de Hugo Chávez – ou então que encontrariam “brechas legais” para não honrar com os pagamentos.

“Os chineses não sabem o que fazer. Os homens de Maduro não estão pagando… e a situação continua se deteriorando”, disse Dallen.

https://g1.globo.com/mundo/noticia/2019/02/24/por-que-a-crise-na-venezuela-interessa-tanto-a-paises-como-russia-china-e-turquia.ghtml

https://www.terra.com.br/economia/por-que-a-crise-na-venezuela-interessa-tanto-paises-como-russia-china-e-turquia,6a92fd7ad79bc06ede155435e2fe2220gyv52b9o.html

BBC: Crisis en Venezuela – por qué la incertidumbre sobre el futuro de Nicolás Maduro interesa tanto en países como Rusia, India, Turquía y Zimbabue

Uno de los socios del banco de inversión Caracas Capital Markets, Russ Dallen, le decía la semana pasada a la cadena estadounidense CNBC que a los chinos les preocupaba que la oposición venezolana no les reconozca las deudas contraídas durante los años del chavismo o que encuentre “vacíos legales” para no pagarlas.

Los chinos no saben qué hacer. Los hombres de Maduro no les están pagando… y la situación continúa deteriorándose”, afirmó Dallen.

https://www.bbc.com/mundo/noticias-america-latina-47170209

https://elcomercio.pe/mundo/venezuela/venezuela-crisis-futuro-nicolas-maduro-incertidumbre-interesa-china-rusia-india-turquia-zimbabue-juan-guaido-bbc-noticia-609930

CNBC: Russ Dallen on the continuing crisis in Caracas

Russ Dallen, Caracas Capital Markets Managing Partner, talks Nicolas Maduro, Juan Guaido, the Venezuelan army, the Citgo impact, stalled U.S. aid, and more

https://www.cnbc.com/video/2019/02/19/russ-dallen-on-the-continuing-crisis-in-caracas.html

https://www.youtube.com/watch?v=o9zpVG5_MyM

https://news.yahoo.com/russ-dallen-continuing-crisis-caracas-114207131.html

Page 2 of 36