financetom
Business
financetom
/
Business
/
Russia says US restrictions on its role in Venezuela's oil business are discrimination
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Russia says US restrictions on its role in Venezuela's oil business are discrimination
Mar 11, 2026 3:38 AM

*

Moscow is angry about new US restrictions

*

Russia, China and Iran are excluded in new rules

*

Moscow is seeking clarification from US

*

Russia and Venezuela maintain long-standing ties

(Recasts with Russian foreign minister's comments, adds

background on Chinese oil trade with Venezuela in paragraphs 10,

11)

By Dmitry Antonov and Vladimir ​Soldatkin

MOSCOW, Feb 11 (Reuters) - Foreign Minister Sergei

Lavrov said on Wednesday ‌that new U.S. restrictions on the role

of Russia and other countries in Venezuela's oil business were

blatant discrimination and the Kremlin said ⁠it would clarify the

matter with Washington.

The U.S. Treasury Department on Tuesday issued a general

license to ⁠facilitate the exploration and production of oil and

gas in Venezuela. The license ‌did not authorise transactions

involving ‌Russian, Chinese and Iranian nationals or entities.

Lavrov, speaking to the lower house of parliament, said that

Russia was in touch with ​Washington on the issue and wanted to

conduct mutually respectful ‌work with the United States "without

the idea of domination".

"This is blatant discrimination, despite the fact that

Russia, China and Iran have had investments in Venezuela's oil

and energy ​sector," said Lavrov.

Kremlin spokesman Dmitry Peskov told reporters ​that Russia

would ‌clarify the situation with Washington.

"We do indeed have investments in Venezuela, we have

long-term projects, and there is interest both from our

Venezuelan partners and from us. Therefore, all of this ⁠is a

reason to discuss the situation with the Americans," Peskov

said.

U.S. President Donald Trump has ⁠openly spoken of wanting to

control Venezuela's vast oil reserves, the world's largest, in

conjunction with U.S. oil companies, after toppling Nicolas

Maduro.

Maduro, who was seized by U.S. forces in January, has

pleaded not guilty to U.S. drugs charges.

CHINESE IMPORTS

China is a major customer of and investor in Venezuela's oil

sector.

Much of the ⁠oil Venezuela ‌exports is sold to China, although

Beijing declares very little and imports ‌are often rebranded.

Imports hit about 470,000 barrels per day during 2025,

according to energy analytics firm Vortexa, or ⁠roughly 4.5% of

China's seaborne crude imports.

Russia's Roszarubezhneft energy firm, which operates in the

South American country, said last month that all of the

company's assets in Venezuela were the property of Russia and it

would stick to its commitments to international partners there.

Roszarubezhneft, owned by a unit of the Russian Ministry of

Economic Development, was incorporated in 2020 and soon

afterwards acquired the Venezuelan holdings of Russian state-run

oil company Rosneft after Washington imposed sanctions

at the ​time on two Rosneft units for trading Venezuelan oil.

Russia has long maintained close ties with Venezuela,

spanning energy cooperation, military links and high-level

political contacts, and Moscow has backed Caracas diplomatically

for years.

Rosneft had stakes ​in upstream ventures in Venezuela, such

as Petromonagas (40%), ‌Petroperija (40%), Boqueron (26.67%),

Petromiranda (32%) and Petrovictoria (40%).

(Reporting by Dmitry Antonov; writing by Vladimir Soldatkin

Editing ​by Andrew Osborn and Ros Russell)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Ecopetrol's Reficar refinery awarded nearly 20% of McDermott common capital, company says
Ecopetrol's Reficar refinery awarded nearly 20% of McDermott common capital, company says
Mar 21, 2024
BOGOTA, March 21 (Reuters) - The Reficar oil refinery belonging to Colombia's Ecopetrol was awarded 19.9% of the common capital in infrastructure firm McDermott in preferential shares by a judge in Amsterdam, Ecopetrol said in a statement on Thursday. The refinery is located in the Colombian city of Cartagena. ...
Oil eases on possible Gaza ceasefire, dollar strength
Oil eases on possible Gaza ceasefire, dollar strength
Mar 21, 2024
SINGAPORE (Reuters) -Oil prices slipped on Friday on the possibility of a nearing Gaza ceasefire that could ease geopolitical concerns in the Middle East, while a stronger dollar and faltering U.S. gasoline demand also weighed on prices. Brent crude futures fell 42 cents, or 0.5%, to $85.36 a barrel by 0203 GMT. U.S. crude futures shed 40 cents, or 0.5%,...
Hong Kong-listed Samsonite plans dual listing in hunt for investors
Hong Kong-listed Samsonite plans dual listing in hunt for investors
Mar 21, 2024
(Reuters) -Luggage maker Samsonite International ( SMSOF ) on Friday said it plans to pursue a dual listing in addition to its listing on the Hong Kong Stock Exchange to increase the liquidity of its shares and reach investors in more markets. Samsonite ( SMSOF ) did not provide details of the exchanges it is considering for the second listing,...
Meta's Instagram down for thousands, Downdetector shows
Meta's Instagram down for thousands, Downdetector shows
Mar 21, 2024
March 21 (Reuters) - Meta Platforms's ( META ) Instagram was down for thousands of users on Thursday, according to outage tracking website Downdetector.com. ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved