Oil resources that Russia exploits in Venezuelabelong to Russia and will continue to be exploited there, Moscow said on Tuesday, after the US president Donald Trump announced that he controls this South American country.
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Roszarubezhneft, a Russian company, said all its assets in Venezuela belong to Russia and that it will honor its commitments to international partners, TASS news agency reported.
As Reutes writes, Rosharubezhneft, owned by the Russian Ministry of Economic Development, was founded in 2020 and shortly thereafter acquired Venezuelan shares in the Russian state oil company Rosneft, after Washington then imposed sanctions on two Rosneft units for trading in Venezuelan oil.
See also: Trump wants to lock in profits from oil sales
Donald Trump: The US will rule in Venezuela. What does Russia say about this?
Trump has spoken openly about controlling the world's largest oil reserves in Venezuela in cooperation with American oil companies. This happened after the arrest and imprisonment of Venezuelan President Nicolas Maduro, whom the US president described as a dictator involved in drug trafficking and collaborating with Washington's enemies.
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Maciej Zieliński / PAP / photos
The United States also seized a Venezuela-linked, Russian-flagged tanker after a weeks-long pursuit.
Russian President Vladimir Putin has not publicly commented on U.S. actions in Venezuela, but the Russian Foreign Ministry called on Trump to release Maduro.
See also: Geopolitical fire drives up commodity prices. Trump threatens Iran, but experts predict a decline
Russia and Venezuela
Russia has long maintained close relations with Venezuela, including energy cooperation, military ties and high-level political contacts, and Moscow has supported Caracas diplomatically for years.
In November, Venezuela's National Assembly approved a 15-year extension of joint ventures between Venezuela's state-owned company PDVSA and an affiliate of Russia's Rosharubezhneft, which exploit two oil fields in the western regions of the South American country.
Which countries buy Venezuelan crude oil?
Most of Venezuela's crude oil exports go to China, but the United States remains the second largest recipient of the commodity.
According to CNN, the percentage of Venezuelan oil exports that went to individual countries in 2023 is:
- China – 68 percent
- United States – 23 percent
- Spain – 4 percent
- Cuba – 4 percent
- Singapore – 0.5 percent
- Malaysia – 0.3 percent
- Russia – 0.2 percent
Source: Reuters
