Venezuela has formalised its closest-ever diplomatic and political alignment with Russia, becoming the first country in Latin America to do so.

President Nicolás Maduro arrived in Moscow on May 7 for talks with Vladimir Putin, where both sides committed to expanding cooperation across defence, energy, technology, and finance. 

The long-announced visit preceded commemorations marking 80 years since the Soviet Union’s defeat of Nazi Germany, which will take place in the Russian capital on May 9.

During a high-level meeting at the Kremlin, Maduro and Putin discussed the creation of an independent financial infrastructure, closer investment ties in oil, gas and mining, and the advancement of joint projects in medicine, defence, and space. 

"The parties are cooperating in the energy sector in such areas as exploring and developing new oil and natural gas fields, increasing the yield of fields operated by joint ventures and reducing their environmental impact through the application of advanced production technologies, expanding oil trade operations on a mutually beneficial basis," the Kremlin said in a statement.

"Russia and Venezuela are developing cooperation in the electric power industry through the implementation of joint projects to retrofit and enhance power generating capacities and the electricity transmission and distribution infrastructure."

Plans are also underway to expand direct flights between the two countries and install a Russian GLONASS satellite ground station in Venezuela – a project recently confirmed. Since 2019, the two nations have inked more than 350 agreements and convened 18 joint commissions.

The leaders reaffirmed their coordination in OPEC+ and the Gas Exporting Countries Forum, signalling intentions to strengthen influence within global energy markets. Both governments condemned the "resurgence of fascism," echoing the tone of the upcoming Victory Day events, where Putin is expected to justify his ongoing full-scale invasion of Ukraine with historical references to World War II.

According to Interfax, Russian-Venezuelan trade has jumped 64% over the past year, reaching $200mn, though both nations acknowledge this figure remains significantly below potential.

During the meeting, Putin noted that while current trade levels are still insufficient for both countries, the growth trend is positive. He identified energy partnerships, transportation, pharmaceuticals, logistics and healthcare as priority sectors for expanded cooperation.

The Russian leader cited their strategic partnership treaty as the foundation for bilateral relations and paid tribute to former Venezuelan president Hugo Chavez, hailing him as a charismatic figure for Latin America "whose legacy Maduro continues."

The discussions touched on all aspects of bilateral cooperation, with both nations seeking to boost economic ties as they face sweeping Western sanctions.

"The talks were very thorough, both in the narrow format and the expanded format. They [the leaders] went over the entire agenda," Kremlin Spokesman Dmitry Peskov told TASS.

Meanwhile, Brazilian President Luiz Inácio Lula da Silva is also scheduled to visit Moscow this week, as Brazil holds the BRICS rotating presidency this year and gears up to host the bloc's summit in July.

Lula is set to attend the May 9 military parade in Red Square. His talks with Putin may revive efforts to mediate the Ukraine conflict, after earlier peace proposals with Chinese support at the UN failed to gain traction.