Given that the US had frozen overseas assets for both Venezuela and Russia, Russian Foreign Minister Sergey Lavrov said, on Monday, that his country could help shield Venezuela’s economy from continuous US attempts to undermine it. 

At a press conference in Moscow, after Russia had hosted Venezuelan Foreign Minister Carlos Faria, Lavrov declared that "we know how determined the Americans and their allies were and still are to undermine the Venezuelan economy. We can already see that these plans will not succeed. The Venezuelan economy is demonstrating the ability to withstand this pressure. Of course, we will help it in any way we can."

The two counterparts agreed that the US determination to block assets of sovereign states held in foreign accounts was “not just blatant robbery... but a gross violation of social and economic rights of the citizens," Lavrov said.

In the past months, the United States has been spearheading a western campaign to impose sanctions on Russia in light of the war in Ukraine, which saw Moscow coming under a tide of draconian comprehensive sanctions, including restrictions on the Russian central bank, export control measures, SWIFT cutoff for select banks, and closure of airspace to all Russian flights. Many of their companies have suspended their Russian operations.

On June 2, the British newspaper The Guardian said Russia is winning the economic war the western nations have been waging with an aim to force it to back down on Ukraine.

Economic sanctions against Moscow resulted in a hike in the prices of global fuel and food, which boosted Russia's trade balance, financed its operation, and put a significant strain on Western economies, according to the daily.

Earlier, Hungarian Prime Minister, Viktor Orban, said that Europe is "dancing" on the brink of a global economic crisis because of sanctions against Russia.