RUSSIA’S ROLE AND INFLUENCE ON THE DEVELOPMENT OF VENEZUELA’S ENERGY SECTOR UNDER SANCTIONS

This article examines Russia’s role and influence on the development of Venezuela’s energy sector under sanctions. It emphasizes the importance of Russian-Venezuelan cooperation in the oil and gas sector, despite economic restrictions imposed by the West. Key areas of cooperation include the development of oil and gas fields, the modernization of refineries and infrastructure, and political support for Venezuela on the international stage. The author identifies four key stages in the evolution of this cooperation: the beginning of active interaction, the implementation of joint projects and investments, and the maintenance of resource support and political interaction under current sanctions. It notes that Russian companies play a significant role in the development of heavy oil fields, the construction of pipelines, and the provision of technical support to the Venezuelan oil and gas sector. Furthermore, the article examines the prospects for the development of nuclear energy in cooperation between Russia and Venezuela, noting the economic benefits, energy security issues, and the environmental friendliness of nuclear energy. The need for intergovernmental agreements and compliance with International Atomic Energy Agency (IAEA) standards is emphasized. Venezuela’s accession to BRICS is an important step in ensuring the influx of investment into the country’s energy sector, including capital investment in field development, infrastructure construction, and the modernization of existing energy facilities.