Deepening cooperation across several sectors has brought the two countries closer as allies

Russia and Venezuela have strengthened cooperation in areas including energy, defense, and trade in recent years, as both countries have faced prolonged Western sanctions.

Caracas has become one of Moscow's most vocal supporters over the Ukraine conflict, expanding diplomatic and economic ties while opposing measures imposed by the US and its allies. The Kremlin recently reaffirmed its backing for Venezuela amid renewed American pressure on the South American country.

Extensive energy cooperation

As major oil exporters, Russia and Venezuela coordinate closely on global energy issues, including within OPEC+. Energy cooperation has expanded in recent years through joint ventures and long-term agreements.

Last year, Caracas approved a 15-year extension of oil projects between state firm PDVSA and Russia's Roszarubezhneft, keeping operations at the Boqueron and Perija fields running through 2041. A strategic partnership treaty signed in May 2025 further commits the two sides to cooperation in oil and gas exploration, boosting output at existing fields and expanding crude trading.

Venezuelan officials have also said Caracas plans to pursue new projects with Russia's Gazprom. The deepening ties reflect shared efforts to stabilize energy markets while countering Western sanctions.

Long-standing defense and military-technical ties

Russia has long been a key defense partner for Venezuela, supplying a broad range of military hardware and technical support. Venezuelan forces operate Russian-made Su-30MK2 fighter jets, Mi-17, Mi-35 and Mi-26 helicopters, as well as T-72 tanks and other armoured vehicles delivered under earlier agreements. Caracas has also acquired air defense systems, including medium- and long-range platforms.

Cooperation extends beyond arms deliveries to maintenance and service facilities for Russian equipment, as well as defense-industrial projects. This includes plans to locally assemble Kalashnikov small arms, such as AK-103 assault rifles and ammunition, at facilities in Venezuela.

Growing trade and economic cooperation

Economic ties between Russia and Venezuela have grown steadily in recent years, with bilateral trade reaching about $200 million in 2024, up roughly 54% from 2018 despite sanctions and financial constraints. Moscow has said it aims to double turnover to around $400 million by 2030 and rank Venezuela among its top trading partners in Latin America.

Venezuelan shipments to Russia have risen sharply, with imports of cocoa, coffee, and seafood tripling in 2025. Russia, in turn, supplies fertilizers, wheat, vegetable oils, medicines, and other industrial and consumer goods, while dozens of Russian companies have expressed interest in expanding deliveries.

Financial links have also widened. Since August 2023, Venezuela has gradually adopted Russia's Mir payment system, while the joint bank Evrofinance Mosnarbank has set up correspondent accounts with major state lenders, allowing companies to settle trade in national currencies.

Cultural and humanitarian links

Cooperation also spans education, culture, and parliamentary exchanges, supported by visa-free travel and academic programs. Cultural ties include joint festivals, film weeks, and ballet and classical music tours, while a growing number of Venezuelan students are studying at Russian universities on state-funded scholarships.

Challenges

Venezuela's debt to Russia, largely stemming from earlier arms purchases, has been handled through restructuring deals that eased repayment and supported broader bilateral relations.

Security concerns in 2025 also caused short-term disruptions to tourism and air travel, briefly affecting logistics and exchanges, though officials on both sides have played down the impact as temporary.

(RT.com)