Venezuela in BRICS

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On August 23, Venezuelan President Nicolas Maduro attended the BRICS summit. The participation of the Latin American leader in the meeting of the organization was a continuation of the country’s application to join the association, which was submitted in early August. Maduro has already stated that he is ready to share with BRICS members his experience in circumventing sanctions and de-dollarization of the world economy.

Venezuela is known as a world leader in oil and gas production. Being an exporter of the resource and petroleum products, Caracas has managed to defend itself from the direct expansion of the U.S. in the form of military invasion and full colonization. The dangerous neighbor tried to bring its protégé to power to replace Maduro, but Washington’s attempt failed. And now Venezuela plans to join BRICS along with other countries, the “oil kings” of the world economy – Russia, the founder of the organization, Saudi Arabia and the UAE, which will join next year.

Venezuela has a huge untapped agrarian potential. In June 2022, the Organic Law on Special Economic Zones was passed by the country’s Parliament. It is planned to launch the first agricultural zone of 5.4 million hectares. During the BRICS summit, Maduro, in addition to calling for a “holy war” against U.S. hegemony, invited the member countries of the association to invest and develop production in Venezuela’s Special Economic Zone. The country’s agrarian potential is high enough for both agriculture and livestock. In case of successful development of the project, Venezuela can be a serious competitor both to its nearest neighbors and the United States.

The United States, by the way, made a noticeable fuss when Maduro arrived in Cape Town. Washington promised to ease sanctions if Venezuela “takes steps to restore democracy”. The “restoration of democracy” is supposed to mean holding new presidential elections, where the pro-American opposition will be free to participate. It is clear that Washington is itching for a hostile regime change in the country, something it has failed to do for decades. Joining BRICS and developing economic projects, as well as political support from such hegemons as Russia and China, will only strengthen Maduro’s position. Washington has absolutely no interest in this. It is noteworthy that the White House proposal on sanctions implies lifting the embargo on oil imports to European countries, but, at the same time, keeping restrictions on their export to the already mentioned Russia and China, as well as Iran.

Attempts to bribe Caracas have already taken a practical turn following proposals by the British-Dutch oil and gas company Shell and the National Gas Company of Trinidad and Tobago Limited (NGC). The corporations could provide a $1 billion loan to a Venezuelan state oil company to share its gas field. For Caracas, which is actively fighting hyperinflation (and losing so far), the proposal looks like a lifeline. However, it is obvious that this is just a “carrot for a donkey” with the help of which the U.S. plans to eventually dismantle the Maduro regime, which is independent from Washington, to start expansion into resource-loving Venezuela, and, finally, to deprive BRICS of a potential participant. All of this suggests that America is seriously nervous about the growth prospects of the international association that is gaining strength. BRICS threatens the financial and economic hegemony of the United States. And Venezuela’s entry into the organization will only accelerate the process of destruction of the American colossus.