Русский
Russia is eying opportunities to enter the Latin American gas market, with the main LNG customers expected to be Argentina, Bolivia, and Chile.
Despite the vaguely anti-Russian rhetoric of Argentinian President Milei, interest from Argentina remains, and the country possesses LNG terminals capable of receiving Russian gas. Bolivia, meanwhile, is Russia’s closest partner and logistics base in the region and is a long-standing ally of Moscow in energy projects, including nuclear power plants and lithium.
Cooperation with Chile is planned to be launched at the end of the year, after the local elections in November. Santiago is seeking to reduce its dependence on Argentina and the United States. Talks are ongoing.
Russia’s plans to engage with Latin America are part of the most recent State Foreign Policy Concept, which identifies Russian trade directives on a global basis. The Mercosur free trade bloc, which includes Argentina, Bolivia, Brazil, Paraguay, and Uruguay, effectively involves almost all of South America. Mercosur is specifically mentioned as a target for Russian trade development.
Mercosur has a population of about 284 million people and a GDP (PPP) of about US$5 trillion. 2025 GDP growth is estimated at between 3-4%.
Russia, meanwhile, is a member of the Eurasian Economic Union (EAEU) which also includes Armenia, Belarus, Kazakhstan, and Kyrgyzstan. The Eurasian Economic Union has a population of about 184 million people and a GDP (PPP) of about US$2.1 trillion. 2025 GDP growth is estimated at between 4% and 6%.
In 2024, EAEU and Mercosur trade grew by 16.7% between January and August compared to the same period in 2023. Brazil accounted for a significant portion of this trade, with a 15.9% increase in trade turnover with the EAEU during the same period.
2024 bilateral trade between Russia and Argentina was about US$1.5 billion. Argentina’s exports to Russia were US$233 million, with the top product being edible offal. Russia’s exports to Argentina were mainly mixed mineral and chemical fertilizers. Russia’s bilateral trade with Bolivia was about US$60 million, with Russia exporting mainly medical products and Bolivia exporting meat products. In terms of Russia-Chile trade, last year saw bilateral trade at about US$80 million, with Russia exporting mainly fertilizers and Chile exporting mostly frozen fish and wines.
Further Reading
