Russia’s Oil Management Business Continues To Operate Normally In Venezuela

Russia’s Roszarubezhneft (a state-owned structure that manages Russia’s oil assets in Venezuela) is continuing to fulfill its obligations with its international partners, and it intends to further develop its assets with the Venezuelan side, according to a company statement. Roszarubezhneft is the Venezuelan subsidiary of Russian SOE Zarubezhneft, which manages Russia’s overseas oil operations.

The Roszarubezhneft statement read, “The company will continue to strictly honor its obligations in close coordination with its international partners, focusing on the sustainable development of joint oil production projects, infrastructure, and an effective response to emerging challenges. Based on the agreements reached and investments made, Roszarubezhneft intends to continue steadily developing its assets together with the Venezuelan side, carry out joint projects, and expand industrial and technological cooperation based on the principles of equality, mutual respect for property, and investment protection.”

It was made several days after US President Donald Trump claimed that the Venezuelan oil industry was now under US control.

On January 3, US President Donald Trump announced a military operation in Caracas that resulted in the capture of Venezuela’s President Nicolas Maduro and his wife by American forces. Vice President Delcy Rodriguez was sworn in as Venezuela’s interim president on January 6. Meanwhile, Trump has said that Washington would “run” Venezuela in the interim. Several US oil companies, including ExxonMobil, have been ‘invited’ to invest in Venezuela by Trump, yet have declined the ‘opportunity,’ citing legal risks and previous financial problems.

Russia has a Strategic Partnership Agreement with Venezuela covering significant areas of commerce and investment, and especially in the energy sector. Fifteen-year extensions were granted to Russian oil companies operating in Venezuela in November, while an additional 42 agreements was signed between the two sides at the end of 2025. There appears to be no sign that these have been curtailed.