China and Russia Pledge Strategic Support to Venezuela Amid Economic Crisis

Venezuela deepens ties with China and Russia through a landmark 10-year pact (Image Source)

Venezuela, grappling with crippling inflation and declining oil revenues, has secured sweeping support from China and Russia, in what analysts describe as a new axis of resistance to U.S. dominance in Latin America.

Strategic Pact with Russia

President Nicolás Maduro signed a 10-year strategic cooperation treaty with Russian President Vladimir Putin in Moscow. The wide-ranging agreement spans hydrocarbons, finance, aviation, pharmaceuticals, and military training.

“This is the first time a Latin American country has signed a treaty of this magnitude with Russia,” declared Yván Gil, Venezuela’s Foreign Minister.

Trade between the two countries surged 64% in 2024, underlining Moscow’s growing economic and geopolitical stake in Latin America.

Renewed Chinese Engagement

Simultaneously, Venezuela’s Vice President Delcy Rodríguez met executives from China Petroleum Corporation (CNPC) in Shanghai, signaling renewed Chinese investments after the state-owned oil giant scaled down operations in 2020.

“China remains Venezuela’s most viable lifeline, both diplomatically and economically,” observed Wesley Hill, an energy analyst with Forbes.

Economic Strain and U.S. Sanctions

Venezuela’s inflation rate is projected at 200% in 2025, with the bolívar collapsing against the U.S. dollar. The exit of Chevron and tightening U.S. sanctions have left Caracas scrambling for financial and industrial alternatives.

“The main victims will be elderly citizens and public employees,” warned Asdrúbal Oliveros, director of economic consultancy Ecoanalítica.

Toward a New Axis of Resistance

The deals underscore the emergence of a China-Russia-Venezuela axis seeking to counterbalance U.S. hegemony in the region. Analysts suggest this alignment could embolden other nations facing sanctions to pivot toward Beijing and Moscow for political cover and economic survival.

As Venezuela doubles down on partnerships with its Eastern allies, the move signals a geopolitical shift that may reshape power dynamics in Latin America for the decade ahead.