Russia Says It Will Keep Its Venezuela Oil Assets After US Operation

Russia’s state-owned oil company Roszarubezhneft sought to draw a line around its oil holdings in Venezuela after a US military operation on January 3 reshaped the South American country’s political landscape.

“All assets of Roszarubezhneft JSC in Venezuela are owned by the Russian state,” the company said in a statement carried by Russian news agency TASS on Tuesday.

Roszarubezhneft took over Rosneft’s Venezuelan holdings in 2020 after US sanctions forced the oil giant to exit. It now holds stakes in five joint ventures with Venezuela’s state oil company PDVSA.

The company — owned by a unit of the Russian Ministry of Economic Development — said on Tuesday that the assets were acquired at full market value and approved by Venezuelan regulators.

Roszarubezhneft’s statement came as Venezuela’s oil sector faces fresh uncertainty after the recent US raid that resulted in the capture of deposed Venezuelan President Nicolás Maduro.

After the operation, President Donald Trump said the US could run Venezuela and touted plans for American oil companies to invest in the South American country’s vast but rundown oil sector.

Russian President Vladimir Putin has not commented publicly on the operation in Venezuela. Moscow’s relationship with Caracas includes deep energy ties — a key pillar of Russia’s economy — alongside defense and diplomatic cooperation.

The Russian foreign ​ministry has called for Maduro’s release and for dialogue between the US and Venezuela.

Investors are watching whether the tensions spill over into energy flows.

Global oil prices have been weighed down in recent years by ample supply and slowing demand growth.

But analysts say geopolitical risks are rising, with Venezuela and renewed tensions involving Iran back in focus.

Some analysts warn that the risk of an oil price shock — a sudden surge in prices that can ripple through markets and the global economy — is increasing as geopolitical conflicts intensify.