Russia's oil minister told representatives of gas exporting nations that EU and U.S. sanctions against oil exporter's are "unacceptable."
"We want to tell the colleagues of this forum that it is unacceptable that unilateral sanctions by some countries such as the United States of America are imposed against countries of the gas exporters forums, such as Iran, in the past, and Russia and Venezuela who now face these sanctions," Alexander Novak, Russia's energy minister said at the Forum of Gas Exporting Countries in Santa Cruz, Bolivia.
Earlier this year, the Trump administration decreed sanctions against Venezuela, targetting the country's state oil firm, Pdvsa. The European Union, who placed Russia under sanctions following the 2014 Crimean referendum to rejoin the Russian Federation, has also approved sanctions against Venezuela including freezing assets and imposing travel restrictions on some government officials.
The statement comes as Venezuela and Russia held simultaneous meetings on two continents to discuss continued cooperation on energy.
Eulogio Del Pino, Venezuela's Minister of Petroleum met with Novak and Trinidad and Tobago minister, Franklin Khan, Del Pino tweeted from from his account.
Also on Friday, authorities of the Venezuelan Government and the Russian Federation reaffirmed alliances during the XIII meeting of the High Level Intergovernmental Commission in Sochi.
Defense minister Vladimir Padrino Lopez and Agriculture minister Wilmar Castro Soteldo signed agreements with their Russian counterparts in agriculture, industry, science, technology, defense and mining as well as health, the Venezuelan Foreign Ministry said through its official Twitter account.
Novak also signaled that Russia would discuss the details of an extension of the oil price stabilization deal between OPEC and non-OPEC countries global deal, but made no mention of how long this should last beyond its March expiry.
"We see that 50 percent of oil stockpiles have been removed, the oil price has reached its balance," Novak told RBC TV.
The Organization of the Petroleum Exporting Countries, Russia and several other major producers have cut their combined output by about 1.8 million barrels per day since January to reduce bloated inventories and boost oil prices.