Russia Asserts Ownership of Oil Assets Under Development in Venezuela
Russia has declared full ownership of all oil assets currently being developed in Venezuela by a Russian state-owned company, countering recent claims by U.S. President Donald Trump that American and Western oil firms would play a major role in reviving Venezuela’s oil industry.
The claim was made on Tuesday by Roszarubezhneft, a Russian state-owned company that took over Rosneft’s Venezuelan assets in 2020 after the United States imposed sanctions on Rosneft over its involvement in Venezuelan oil trading.
In a statement carried by Russia’s state news agency TASS, Roszarubezhneft said all of its assets in Venezuela belong entirely to the Russian state, noting that they were acquired at market prices and in full compliance with Venezuelan law, international law, and bilateral agreements between Russia and Venezuela.
Roszarubezhneft is owned by a unit of the Russian Ministry of Economic Development and was incorporated in 2020. Its creation followed U.S. sanctions against two Rosneft subsidiaries accused of trading Venezuelan oil. As a result, Roszarubezhneft purchased the Venezuelan assets of the Russian oil giant, effectively assuming its operations in the South American country.
According to the company, Roszarubezhneft currently operates five oil-producing joint ventures with Venezuela’s state-owned oil company, PDVSA. The firm also stated that it plans to further develop its Venezuelan assets in the coming years.
The company emphasized its commitment to honoring all contractual obligations in close cooperation with its international partners. It said its focus remains on the sustainable development of joint oil production projects, infrastructure expansion, and effectively responding to emerging operational challenges.
The assertion of ownership comes amid escalating geopolitical tensions involving Venezuela, Russia, and the United States. Since the beginning of the year, U.S. authorities have reportedly captured Venezuelan President Nicolás Maduro and flown him to New York to face trial on drug trafficking charges. In a related development, the United States also seized a Russia-flagged tanker in the North Atlantic following a dramatic pursuit that began near Venezuelan waters in late December.
Russian President Vladimir Putin has not publicly commented on Maduro’s arrest. However, Russia’s Foreign Ministry strongly condemned the action and urged U.S. authorities to immediately release Maduro and his wife following their extraction from Venezuela.
Source: Oilprice.com
