Russian-Venezuelan trade to increase $300m per month excluding oil
This ensues amid plans to establish a direct transport corridor in the near future, with potential route options from three Russian ports — Sevastopol, St. Petersburg, and Novorossiysk.
-
Russian President Vladimir Putin (R) with Venezuelan President Nicolas Maduro(L) at the Kremlin in Moscow, Russia on September 25, 2019 (Reuters)
Head of the Russian-Venezuelan Chamber of Commerce, Roman Frolenko, told Sputnik that a $300 million per month increase is predicted as a result of trade between Russia and Venezuela and that amount excludes oil sales.
This follows plans to establish a direct transport corridor shortly, with potential route options from three Russian ports — Sevastopol, St. Petersburg, and Novorossiysk.
Read next: Venezuela could create Russia, China-allied regional bloc
When asked how the future corridor can contribute to trade turnover, Frolenko replied: "We calculated that trade could be somewhere in the range of $300 million per month, this is without oil,"
Russian Deputy Prime Minister Alexander Novak assured in December that Russia is interested in upping oil production at operating projects in Venezuela. In turn, the latter is in favor of continuing Russian companies' work in Venezuela, adding that oil and gas companies around the world -- Europe, America, Russia -- worked in the country before the sanctions imposed on Venezuela, noting that everyone, except Russia, left after the sanctions.
As a result of Western draconian sanctions on Russia, trade between both countries has been impeded but according to Venezuelan Foreign Minister Carlos Faria to Sputnik, it was not impossible. Back in September, Faria stated that his country welcomes the wider use of the Russian ruble and hopes to restore the flow of tourists from Russia shortly.
Venezuela affirmed its support for Russia amid the war in Ukraine, during Russian Deputy Prime Minister Yuri Borisov's visit to Venezuela early in February 2022.
Venezuelan Oil Minister Tareck El Aissami spoke on behalf of President Nicolas Maduro and the Venezuelan people to affirm support for the Russian people, the Russian Federation, and Russian President Vladimir Putin.
In response to Aissami, Borisov stated that Venezuela is a strategic partner of Russia in Latin America and the world, expressing his appreciation for this partnership and dialogue of confidence at the political level.
