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News > Russia

Russia & Venezuela Pledge To Foster and Diversify Trade

  • Venezuela and Russia show interest in further diversifying cooperation. Jul. 6, 2022.

    Venezuela and Russia show interest in further diversifying cooperation. Jul. 6, 2022. | Photo: Twitter/@Class987FM

Published 6 July 2022

Russia and Venezuela "discussed a set of measures that will contribute to further growth and diversification of trade," according to the Russian government.

According to information provided on the Russian government website, "the volume of trade between the countries in 2021 increased by 50%, and in the first four months of 2022 - by 26% more [compared to the same period of the previous year]."

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Russian Deputy Prime Minister Yuri Borisov and Venezuelan Foreign Minister Carlos Faria, who is on an official visit to Moscow, discussed the increase in trade exchange between both nations and its diversification. 

Both parties pledged to develop mutually beneficial cooperation in sectors such as energy, industry, transportation, agriculture, pharmaceuticals and advanced technologies.

Borisov and Faria acknowledged joint work between the two countries, including the intensification of cooperation between the Russian consumer protection office, Rospotrebnadzor, and the Venezuelan departments involved in the fight against infectious diseases. 

The Russian Deputy Prime Minister, Yuri Borísov, met with the Venezuelan Foreign Minister, Carlos Faría, to discuss bilateral relations, particularly the increase and diversification of trade between Russia and Venezuela.

The officials also recognized the Russian pharmaceutical company Geropharm, which specializes in insulin production, for its successful work in the Venezuelan market.  

The Russian government said on its website that the Venezuelan Foreign Minister stood in solidarity with Russia over the ongoing conflict in Ukraine. 

For his part, the Russian deputy prime minister valued Venezuela's independent foreign policy, noting that the Venezuelan people can count on Russia's support in protecting their national interests. 

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