US Treasury Secretary Scott Bessent has stated that the United States is prepared to consider lifting sanctions on Russian oil if the aggression of the Russian Federation against Ukraine ceases. According to him, a peace agreement would significantly lower oil prices in the global market, as substantial volumes of oil currently under sanctions could return to global circulation.
This is reported by Finway
“Thanks to peace agreements, we will be able to see a significant drop in oil prices. If the issues regarding Venezuela, Iran, as well as Russia and Ukraine are resolved, a huge amount of oil from under the Treasury Department’s sanctions could enter the market.”
New Restrictions for Russian Companies in Venezuela
In light of these statements, the Russian Federation has expressed concern over a new US Treasury license that allows certain operations with Venezuelan oil. Under the updated terms, American companies can supply equipment and technology for oil and gas extraction to Venezuela only if such agreements do not involve companies or financial institutions associated with Russia, Iran, North Korea, China, or Cuba. Special emphasis is placed on cooperation with the state oil company PDVSA and its subsidiaries, in which PDVSA owns more than 50% of the shares.
Impact on Russian Investments and the Role of Venezuela
These new restrictions significantly complicate participation for Russian companies in Venezuelan energy projects. For many years, Russian state enterprises have invested in oil extraction, infrastructure modernization, and financing joint projects in Venezuela. In particular, the company Rosneft established five joint ventures with PDVSA in the mid-2010s, and the total volume of Russian investments in the country’s oil sector is estimated at approximately $17 billion. New sanctions could lead to Russia losing access to Venezuelan oil, reducing revenues, and diminishing its economic presence in the region.
In addition to economic losses, the restrictions could weaken Russia’s political influence in Latin America, as Venezuela has long remained one of Moscow’s key allies in the Western Hemisphere. The refusal of international partners to cooperate with Russia may further isolate it on the world stage.