31/05/2023

Moscow and Caracas are expanding cooperation. First of all, a new transport corridor will appear between the countries. There are also plans to build modern hubs that will create optimal logistics between Russia and Venezuela.

The priority for both countries is to increase oil and gas production. And for this they will create joint ventures. In addition, since 2022, Venezuela has been in the process of connecting to the Mir payment system and joining the financial messages of the Bank of Russia. In the future, this will give Moscow and Caracas security when making payments in national currencies bypassing the dollar.

The partnership in the humanitarian sphere is also being strengthened. Thus, a joint research center of epidemiological profile was born. In Venezuela, Russian specialists with the help of domestic technologies have launched the production of vital drugs, including insulin.

States also interact in the field of education. Let's say that in 2022 Moscow allocated 200 quotas to Caracas for the education of Venezuelan students in Russia.

And in 2023, the countries are going to increase trade turnover by $ 300 million per month. This is almost twice as much as in 2021. And here oil contracts are not taken into account yet. A direct transport corridor, which will be opened in the near future, will help the growth of trade turnover.

In Venezuela, the large port of Puerto Cabello will probably be used as a hub for the transport corridor. There is a terminal for storing liquid and dry fertilizers and sunflower oil, as well as a platform for the supply of agricultural machinery.

Meanwhile, Venezuela is ready to supply tropical fruits to Russia, such as mangoes, bananas, watermelons, pineapples, melons, as well as coffee and cocoa. It is still questionable which routes will be the priority of the three: Novorossiysk, St. Petersburg or Sevastopol.

The countries are going to create their own shipping company. This is necessary to build an optimal logistics supply chain.

In addition, Venezuela, with the help of Russia, is gradually approaching the status of a space power. In June 2022, Moscow and Caracas signed an agreement on cooperation in space. And in 2023, Venezuela began participating in China's project to create stations on the moon.

According to the Russian Embassy, the contractual base between the two countries exceeds 200 documents. According to the diplomatic mission, Moscow and Caracas have gone a long and difficult way from "normal" relations to a strong strategic partnership.