Russia claims US restrictions on its involvement in Venezuela's oil industry are discriminatory

Foreign Minister Sergei Lavrov stated on Wednesday that the new U.S. restrictions imposed on Russia and other countries' role in Venezuela's petroleum business was blatantly discriminatory. The Kremlin also said it would clarify this matter with Washington.

The U.S. Treasury Department issued a license on Tuesday to facilitate exploration and production in Venezuela. The license does not authorize transactions with Russian, Chinese or Iranian entities or nationals.

Lavrov said in a speech to the lower chamber of parliament that Russia is in contact with Washington regarding the issue and wants to work mutually with the United States without the idea of dominance.

Lavrov said, "This is discrimination in the most blatant form, despite?the fact that Russia, China, and Iran had invested in Venezuela's energy and oil sector."

Dmitry Peskov, the Kremlin's spokesperson, told reporters that Russia will clarify the situation with Washington.

"We have invested in Venezuela. We have long-term plans, and we are interested?both by our Venezuelan partners as well as?by us." Peskov stated that all of these factors are reasons to talk about the situation with Americans.

After toppling Nicolas Maduro, U.S. president Donald Trump openly spoke of his desire to control Venezuela's vast, world-leading oil reserves in partnership with U.S. companies.

Maduro has denied the drug charges brought by the United States against him.

Imports from China

China is Venezuela's largest oil customer and investor.

China is the main buyer of Venezuela's oil exports, but Beijing declares a very small amount and many imports are rebranded.

According to Vortexa energy analysis firm, China's crude oil imports will reach 470,000 barrels a day by 2025.

Last month, the Russian energy company?Roszarubezhneft?, which operates in Venezuela, announced that the assets of the firm were all owned by Russia. It also said it would adhere to its international partner's commitments.

Roszarubezhneft is owned by the Russian Ministry of Economic Development and was formed in 2020. It acquired the Venezuelan assets of Rosneft soon after, when Washington imposed sanctions on two Rosneft divisions for trading Venezuelan crude oil.

Russia has maintained close ties with Venezuela for many years, including energy cooperation, military ties, and high-level contacts. Moscow has also supported Caracas diplomatically over the years.

Rosneft held stakes in Venezuelan upstream ventures such as Petromonagas (40%) Petroperija (40%), Boqueron (26.67%), Petromiranda (32%), and Petrovictoria 40%. (Dmitry Antonov, Vladimir Soldatkin and Andrew Osborn edited this report.)

(source: Reuters)