The easing of U.S. sanctions on Caracas will not derail ongoing collaboration with Russia in the oil and gas sector, a point underscored by Venezuelan Foreign Minister Ivan Gil Pinto in recent statements reported by RIA News. The message is clear: Caracas intends to sustain its bilateral partnership with Moscow, treating Russian companies as dependable allies in multiple ventures that span exploration, development, and production activities across Venezuela’s energy landscape.
Minister Gil Pinto emphasized that the two nations maintain direct, bilateral cooperation in the hydrocarbon arena. Caracas signals a continued commitment to working with Russian entities, which have proven to be reliable participants in a broad array of projects, from upstream exploration to midstream logistics. This ongoing engagement is framed as essential for advancing Venezuela’s oil and gas ambitions even as the global sanctions environment evolves.
Earlier, the U.S. Treasury Department issued licenses that permit certain operations within Venezuela’s oil and gas sector following resumed negotiations between Venezuelan officials and opposition representatives. Those licenses are seen by Caracas as a tactical move that could pave the way for a broader recalibration of the U.S. approach, potentially smoothing some restrictions while broader sanctions discussions proceed.
President Nicolas Maduro described these developments as a foundational step toward the longer-term, steady lifting of all American sanctions that the Venezuelan leadership has long pressed for. The president framed the measure as a signal that dialogue and measured concessions may yield tangible relief in the sanctions regime, with important implications for Venezuela’s economy and its energy sector’s recovery trajectory.
From Caracas’s perspective, the sanctions have inflicted significant economic damage to the oil sector. Estimates cited by Venezuelan authorities place losses in oil production at roughly 232 billion dollars, with broader cumulative costs reaching about 642 billion dollars. These figures, while subject to official revision, underscore the scale of the disruption and the urgency attributed to policy shifts that can restore productive capacity and stabilize the country’s energy output.
There have been prior statements indicating that Russia and Venezuela aim to restore former production levels. The two governments have repeatedly signaled intent to return to or exceed the output levels seen before the imposition of stringent sanctions, a goal that would require synchronized investment, technology transfer, and sustained political alignment with international partners. The re-emergence of production targets is framed as part of a broader effort to revive Venezuela’s role as a key supplier in the global oil market while maintaining diversified international partnerships.
Overall, Caracas’s public posture reflects a strategy that combines cautious openness to U.S. diplomacy with a clear determination to preserve and deepen strategic ties with Russia. Venezuelan officials have historically viewed Moscow as a capable and willing collaborator—one able to contribute capital, technical expertise, and favorable terms for joint ventures. The current discourse reinforces the idea that sanctions policy will not automatically narrow existing cooperative channels, but rather that a new balance may emerge as negotiations progress and external pressures shift over time. [Source: multiple official briefings and regional media reports]”