This comes as Standard & Poor declared Venezuela default as the government missed interest payments on its $60bn bond debt and failed to make $200m payments for global bonds due in 2019 and 2024 within the grace period.

The debt repayments would be “minimal” in the first six years, the ministry said in a statement.

Venezuela borrowed from Russia in late 2011 but failed to stick to the repayments on the debt in 2016 as it faced an economic and financial crisis.

S&P downgraded the long-term foreign currency sovereign credit rating of Venezuela to selective default.

It is the first time in recent years the Venezuela government has exceeded the buffer period on its bonds.

Venezuela has a total external debt thought to be as much as $140bn, including the loan from Russia. The country relies on oil exports for 95% of its foreign earnings and also felt the effect of oil prices.