Published by Global Banking & Finance Review®
Posted on February 11, 2026
3 min readLast updated: February 11, 2026
Add as preferred source on GoogleRussia will seek clarification from the US on new restrictions affecting Venezuela's oil sector, impacting Russian investments.
By Dmitry Antonov and Vladimir Soldatkin
MOSCOW, Feb 11 (Reuters) - Foreign Minister Sergei Lavrov said on Wednesday that new U.S. restrictions on the role of Russia and other countries in Venezuela's oil business were blatant discrimination and the Kremlin said it would clarify the matter with Washington.
The U.S. Treasury Department on Tuesday issued a general license to facilitate the exploration and production of oil and gas in Venezuela. The license did not authorise transactions involving Russian, Chinese and Iranian nationals or entities.
Lavrov, speaking to the lower house of parliament, said that Russia was in touch with Washington on the issue and wanted to conduct mutually respectful work with the United States "without the idea of domination".
"This is blatant discrimination, despite the fact that Russia, China and Iran have had investments in Venezuela's oil and energy sector," said Lavrov.
Kremlin spokesman Dmitry Peskov told reporters that Russia would clarify the situation with Washington.
"We do indeed have investments in Venezuela, we have long-term projects, and there is interest both from our Venezuelan partners and from us. Therefore, all of this is a reason to discuss the situation with the Americans," Peskov said.
U.S. President Donald Trump has openly spoken of wanting to control Venezuela's vast oil reserves, the world's largest, in conjunction with U.S. oil companies, after toppling Nicolas Maduro.
Maduro, who was seized by U.S. forces in January, has pleaded not guilty to U.S. drugs charges.
CHINESE IMPORTS
China is a major customer of and investor in Venezuela's oil sector.
Much of the oil Venezuela exports is sold to China, although Beijing declares very little and imports are often rebranded.
Imports hit about 470,000 barrels per day during 2025, according to energy analytics firm Vortexa, or roughly 4.5% of China's seaborne crude imports.
Russia's Roszarubezhneft energy firm, which operates in the South American country, said last month that all of the company's assets in Venezuela were the property of Russia and it would stick to its commitments to international partners there.
Roszarubezhneft, owned by a unit of the Russian Ministry of Economic Development, was incorporated in 2020 and soon afterwards acquired the Venezuelan holdings of Russian state-run oil company Rosneft after Washington imposed sanctions at the time on two Rosneft units for trading Venezuelan oil.
Russia has long maintained close ties with Venezuela, spanning energy cooperation, military links and high-level political contacts, and Moscow has backed Caracas diplomatically for years.
Rosneft had stakes in upstream ventures in Venezuela, such as Petromonagas (40%), Petroperija (40%), Boqueron (26.67%), Petromiranda (32%) and Petrovictoria (40%).
(Reporting by Dmitry Antonov; writing by Vladimir SoldatkinEditing by Andrew Osborn and Ros Russell)
Foreign investment refers to the investment made by individuals or entities in assets or businesses located in another country, aiming to earn returns or gain a strategic advantage.
An investment project is a planned initiative aimed at generating returns through the allocation of capital into assets, businesses, or ventures.
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