Russia and Venezuela sign strategic partnership

Russian President Vladimir Putin and Venezuelan President Nicolás Maduro signed a strategic partnership agreement on Wednesday following bilateral talks in Moscow.

Maduro, who is visiting Moscow for the upcoming Victory Day celebrations marking the 80th anniversary of the end of World War II in Europe, signed the agreement with Putin to expand cooperation in the fields of energy, transportation, mining, and communications.

According to a statement published by TASS, the official Russian state news agency, Russia holds comparable strategic agreements only with North Korea and Iran.

Earlier, Kremlin Spokesman Dimitri Peskov described the Agreement as a “weighty, substantial and very important framework document".

Venezuela has endured severe economic hardship for over a decade, largely due to U.S. sanctions and diplomatic isolation. In 2019, the United States, several EU member states, and some Latin American countries withdrew recognition of Maduro’s government, instead recognizing the opposition as Venezuela’s legitimate authority, which caused Venezuela’s foreign assets situated in these countries to be frozen.

In April of 2019, the Trump Administration publicly supported what ultimately was a failed coup attempt by opposition leader Juan Guaidó to seize power in Caracas, currently, Washington has recognized Edmundo Gonzales, who lost last years presidential election to Maduro, as Venezuela’s “President-Elect”.

Although the Biden administration eased some sanctions in response to energy shortages following the 2022 cutoff of Russian supplies, the Trump administration had previously pursued a maximum-pressure policy against Caracas.

In February, the Trump administration revoked a license granted to energy giant Chevron, which had allowed the company to operate in Venezuela despite sanctions. Trump had also threatened to impose 25% tariffs on countries purchasing Venezuelan oil—mirroring measures used against Iran—in a bid to halt Venezuela’s oil exports entirely.

The newly signed partnership with Russia may offer Venezuela critical support in revitalizing its oil and gas industry amid ongoing economic struggles and may serve to bolster its diplomatic situation in the region with deeper ties to Moscow.