Russian President Vladimir Putin and Venezuelan President Nicolás Maduro held a videoconference in which they agreed to intensify bilateral cooperation, particularly in the energy sector. No specific details on the scope of the agreement were provided, but the announcement comes as U.S. sanctions against Caracas have tightened.
A strategic agreement in a context of sanctions
At the end of February, the United States decided not to renew the license that allowed Chevron to continue its operations in Venezuela despite financial sanctions imposed on the country. This decision limits Caracas’ options to maintain its oil production and exports, increasing its dependence on strategic allies such as Russia.
The Russian president described the relationship between the two countries as “strategic,” stating that the new cooperation agreement would lay a solid foundation for further strengthening bilateral ties. Nicolás Maduro emphasized that collaboration between Moscow and Caracas was intensifying, particularly in the energy sector, and praised Russia’s consistent support in the face of international pressure.
Invitation to Moscow to formalize the agreement
As part of this expanded cooperation, Vladimir Putin invited Nicolás Maduro to visit Russia on May 9, during the celebrations of Victory Day in World War II, to officially sign the agreement. This visit is expected to formalize the commitments made between the two states.
Since the presidency of Hugo Chávez, Russia has played a key role in supporting Venezuela, particularly through investments in the oil sector and defense agreements. Under Nicolás Maduro’s leadership, this alliance has strengthened, with Caracas seeking to diversify its economic partnerships to counter restrictions imposed by Washington.
Strengthened cooperation in a tense political context
Relations between Moscow and Caracas have tightened in recent years, with Russia supporting Nicolás Maduro while a part of the international community contests his 2024 re-election. The Venezuelan opposition denounces electoral fraud and claims victory, leading to increased diplomatic isolation for the government.
At the same time, Nicolás Maduro has maintained his support for Russia before and after the invasion of Ukraine, consolidating a political and economic axis between the two countries. The videoconference between the two leaders took place as Venezuela celebrated the 80th anniversary of the establishment of diplomatic relations with Russia, a symbolic setting for the announcement of further deepening bilateral ties.
