Russian Foreign Minister receives his Venezuelan counterpart to discuss Sputnik vaccine
Russian Foreign Minister Sergey Lavrov will receive his Venezuelan counterpart Jorge Arreaza in Moscow today to discuss bilateral cooperation.
The two states maintain a close relationship; Sputnik V shipments are only the latest example of support lent by Moscow to Caracas. Russian investment in Venezuela totaled over $10 billion as of September 2020, with Russia maintaining a particularly significant interest in Venezuelan oil.
This year marks the 25th anniversary of the two countries’ Treaty on Cooperation and Friendship. In January, they signed agreements outlining a new 10-year joint agenda of economic and diplomatic cooperation referred to as Agenda 2021-2031. The two draw closer as Venezuela finds itself isolated internationally, especially from Western powers.
Russian support of Venezuela is as much about protecting investment as maintaining geopolitical clout. Rather than cut its losses, Russia prefers to continue acquiring Venezuelan energy assets in the hopes of both recouping its debt should the economy rebound and continuing its campaign against US regional influence. Doing so gives it access to Venezuela’s underutilized oil and mining sectors, but also creates the possibility of another Syria: a Russian-backed, authoritarian leader whose efforts to stay in power erode any benefit Russia seeks to recoup through its support.
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