The presence of Russian oil companies in Venezuela might complicate the talks between the United States and the South American country, regarding the sale of Venezuelan crude to international markets.
Following the invasion of Ukraine, Vladimir Putin’s government has received severe economic sanctions, including a ban on fossil fuel imports into the US and the UK. This has generated a rise in the price of a barrel of oil to more than 100 dollars. So they are looking for other alternatives to replace the Russian resource.
Last weekend, the government of Joe Biden sent US officials to Caracas to discuss a possible relaxation of sanctions once morest the government of Nicolás Maduro. A situation that contradicts US policy, which for many years refused to recognize this administration.
As reviewed by BloombergThe United States would be willing to ease the economic pressure on Venezuela. But this will depend on the outcome of the dialogue between Maduro and the opposition, a senior Biden administration official said. This means that the US president wants to see progress towards the restoration of democracy in the country, before allowing free oil exports.
However, following agreements between the late Hugo Chávez and Vladimir Putin in 2010, the presence of Russian companies and oil companies in Venezuela increased. Which provided the Venezuelan government with military equipment, loans, and investments in the oil industry.
“Russia’s largest oil company, Rosneft, invested more than seven billion dollars in loans to PDVSA and operations in five companies on land, and was also awarded two offshore gas operations. Since then, Venezuela has paid off its debt,” explained Bloomberg.
Russian oil companies in Venezuela hinder negotiations between the United States and the Caribbean country
On the other hand, the relationship with PDVSA has had consequences for some companies. In fact, in 2020, the US sanctioned Rosneft for maintaining links with Nicolás Maduro and the state company. So the trading company decided to sell all assets to Roszarubezhneft to avoid further damage.
However, international analysts consider that the United States and Venezuela are far from reaching an agreement that allows a general respite from the sanctions. Well, in recent days, Jen Psaki, White House press secretary, downplayed the possibility of reaching an agreement on oil imports in the short term.
And for his part, Delcy Rodríguez held a meeting in Turkey with Russian Foreign Minister Sergei Lavrov, to review bilateral relations.
