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The Kremlin chief came to Venezuela's rescue this week by agreeing to restructure £2.27bn of the crisis-hit country's debt to Moscow. And according to Russian media, Mr Putin is now looking to strike a deal to keep Russia's warships at ports in Venezuela. Under the proposed payback agreement, the vessels would be kept in the socialist state for up to 15 days at a time.

The alliance would likely infuriate the United States, which has recently imposed harsh economic sanctions on Venezuela. Donald Trump's administration has branded his counterpart Nicolas Maduro a "dictator" and called for the end of his "illegitimate rule". Venezuela's overall debt is estimated at £90bn – the legacy of disastrous hard-left economic policies under Hugo Chavez and successor Mr Maduro. The country is now teetering on the brink of declaring itself bankrupt.

GETTY Russia has agreed to restructure £2.27bn of the Venezuela's debt to Moscow

Vladimir Putin as you've never seen him before Tue, August 1, 2017 Before rising to power as one of the most infamous leaders in the world, Putin was a playful, hipster-dressing man in love Play slideshow Avalon.red 1 of 38 Vladimir Putin as a young man. Photographed in 1983

The Venezuelans have been pushing very hard on the Russians Risa Grais-Targow

But Russia's assistance is expected to ease the financial burden and shore up Mr Maduro's position. Risa Grais-Targow, from political risk firm Eurasia Group, said: "Clearly the Venezuelans have been looking for relief anywhere they can get it. "And at this point Russia is their most viable source of financing. "The Venezuelans have been pushing very hard on the Russians."

GETTY Vladimir Putin is looking for payback by keeping Russian warships in Venezuela

Anton Siluanov, Moscow's Finance Minister, said earlier this week: "We have an agreement on debt restructuring with Venezuela. "The first part includes pretty favourable terms with a small sum due for repayment so that it's manageable for our Venezuelan colleagues." The deadline for the warship deal to be agreed is Wednesday.

GETTY Russia's aid is expected to ease the financial burden faced by the socialist state