On May 7, 2025, Russian President Vladimir Putin and Venezuelan President Nicolás Maduro signed a strategic partnership agreement in Moscow, aiming to enhance cooperation between the two nations, particularly in the energy sector. The accord includes joint ventures for oil and gas exploration and expanded oil trading operations. Both countries have committed to promoting balanced and stable global energy markets through collaboration within organizations such as OPEC+ and the Gas Exporting Countries Forum, explicitly opposing unfair competition. The pact also encompasses strengthened diplomatic ties, arms control cooperation, and unified resistance against unilateral sanctions. Kremlin spokesperson Dmitry Peskov described the agreement as a significant and comprehensive framework.

This development aligns with Russia's ongoing efforts to bolster alliances with nations opposing Western influence, especially amid tensions related to Russia's actions in Ukraine. Venezuela's strained relations with the United States, characterized by sanctions and diplomatic rifts, further underscore the significance of this partnership. During his visit, President Maduro is also expected to participate in events commemorating the 80th anniversary of the Soviet victory over Nazi Germany.

The strategic partnership agreement builds upon a history of collaboration between Russia and Venezuela. In February 2024, Russian Foreign Minister Sergei Lavrov highlighted the expansion of cooperation in oil production, gas field development, agriculture, medicine, and pharmaceuticals. Both countries have previously collaborated within OPEC+ and the Gas Exporting Countries Forum to influence global energy policies and markets.

The agreement may influence global energy markets by potentially increasing oil and gas production through joint ventures, affecting global supply and prices. The partnership signifies a strengthening of alliances among nations opposing Western influence, potentially impacting international diplomatic relations and alignments. For Venezuela, the agreement could provide economic relief through increased energy production and trade, potentially alleviating some economic challenges faced due to sanctions.

The strategic partnership between Russia and Venezuela marks a significant development in international relations, particularly in the context of global energy markets and geopolitical alignments. As both nations seek to counter Western influence and navigate economic challenges, this agreement underscores their commitment to deepening cooperation and mutual support.