Venezuela offers Russian businessmen guarantees amid sanctions

Vice Minister for Foreign Trade and Investment Promotion, Héctor Silva, participates in the II Russia-Venezuela business meeting, this Wednesday, October 13.

The Deputy Minister for Foreign Trade and Investment Promotion, Héctor Silva, indicated that the Venezuelan government is interested in increasing Russian investments in Venezuela, and offered Russian businessmen attractive offers and legal guarantees in the context of US sanctions.

Silva's statements took place this Wednesday in the city of Moscow, during the second edition of the Russia-Venezuela Business Forum, in which businessmen from both countries participate, and seeks to expand and intensify the bilateral relationship in that sector of the economy, according to EFE review.

"We are sure that Russian businessmen will be interested in investing in the projects that we present in our portfolio," said Silva.

He assured that the country "has a very robust legal framework, the productive foreign investment law (...) that facilitates the capture of investments."

The foreign investment law, also known as the "Anti-Blockage Law" and which was approved in 2020, seeks to protect foreign entrepreneurs who invest in Venezuela from the possibility that they are sanctioned by the United States Department of the Treasury.

This legal norm, he said, "will allow closer investment relations and offer the legal certainty that the Russian investor needs."

Silva indicated that Venezuela offers Russian businessmen "very profitable opportunities in all aspects" in the agri-food, mining, energy, and forestry sectors, among others.

He noted that Venezuelan products "have great potential to enter the Russian market and meet the needs of the Russian consumer and the Eurasian Economic Union."

Relations and brotherhood ties between the two countries have been strengthened in the last 20 years, precisely on Tuesday, the Chancellor of the Republic, Félix Plasencia, met with the Deputy Minister of Foreign Affairs of the Russian Federation, Sergey Vershinin, with You are looking to hold the XV Meeting of the High Level Intergovernmental Commission (CIAN) Russia-Venezuela that will take place on October 14 and 15 in the city of Moscow.



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