Lavrov arrives in Venezuela as Moscow and Caracas strengthen their ties amid increasingly diplomatic isolation by Washington – Photo: AP/Jesus Vargas

Russian Foreign Minister Sergei Lavrov arrives in Venezuela today for the conclusion of a tour of Latin America which also included visits to Brazil and Nicaragua.

In Caracas, Lavrov met with Venezuelan Foreign Minister Yvan Gil Pinto, where they reviewed hundreds of bilateral agreements covering the financial, energy, and agricultural sectors. Following the meeting, the pair held a joint press conference in which they announced several joint projects in oil production, agriculture, medicine, and space exploration. They also condemned the economic sanctions that Washington had imposed on them.

As Venezuela and Russia have been targeted by US sanctions in recent years, the two nations have developed increasingly close relations. Gil affirmed that the two countries aim to strengthen economic cooperation and said that they discussed means of moving away from the dominance of the US dollar. The two are also working to develop an alternative to the SWIFT financial messaging platform, which facilitates the movement of money internationally. Currently, Washington has predominant control over SWIFT and has banned Russia and Venezuela from participating, creating barriers for the countries to engage in international commerce. In response, the leaders discussed how to expand trade, and plan to develop a new shipping route between the two countries. Lavrov’s visit indicates that Venezuelan-Russian relations will continue to strengthen in the future.