Olivia Kroth: Venezuela's Partnership with Russia!

Under President Chavez, Venezuela is enjoying good relations with Russia as one of its most important trade and military partners in Latin America. By strengthening Venezuelan-Russian ties, Hugo Chavez wants to help create a multi-polar world, " a world that permits the rights of peoples to liberty, self-determination and sovereignty". Over the past years, while the Russian Federation has been led by Vladimir Putin either as Prime Minister or as President, the ties between Chavez and Putin have become stronger. Both leaders are ardent patriots, proud to serve their respective countries which they love with great intensity. Both men share similar views on many topics, for example the role of the USA in global economics. Hugo Chavez agreed with Vladimir Putin's opinion that the USA is an "economic parasite" because of its "constant instability and high debts, living far beyond its means, and transferring the burden of its problems to the entire world economy." On Venezuelan television (VTV), President Chavez repeated Vladimir Putin's words, demanding Venezuela to "free itself from the parasite." Venezuela has the largest oil reserves, and is the fifth biggest oil exporter worldwide. In the twelve years of Hugo Chavez' government, Venezuela transferred its international funds from US banks to other banks in different parts of the world. Furthermore, Venezuela paid back all of its debts to US banks and ended its dependence on the IMF. Venezuela is a strategic business partner for Russia in the exploitation of gas and crude oil. Since 2005, Venezuela's state oil company PDVSA and the Russian oil company Lukoil have been drilling in the Venezuelan Orinoco Oil Belt together. Another joint venture contract was signed in 2011 between Russia's Rosneft and PDVSA to exploit the oil reserves of the blocs Carabobo-2 North and East. Rosneft holds 40 percent, PDVSA owns the majority of 60 percent.