There are unmistakable parallels between Syria and Venezuela. In both cases, a long-standing Russian client was on the ropes, facing a rising tide of popular opposition, in a conflict that many saw as a proxy between the U.S. and Russia. Russia's willingness to intervene and support its ally was portrayed as underscoring the resurgence of Russian military power in the world, while equally highlighting the ineffectiveness of American foreign policy.Venezuela is an important, and long-standing, Russian ally. The Kremlin has cultivated relations with Caracas since the election of Hugo Chavez in 1998 to be Venezuela's president. Since then, Venezuela has become a major customer of Russian military equipment, spending billions of dollars over the last two decades to equip its military with predominantly Russian weapons. These international arms sales are critical to maintaining the financial health of the Russian armaments industry and its technological edge.
In addition, Russian companies have invested widely in Venezuela's mining sector, especially in its oil industry. Rosneft, Russia's second largest energy company, has made between seven and nine billion dollars of investments in Venezuela's oil industry. The company is one of the largest foreign investors in Venezuela and, in turn, Venezuela represents one of the largest foreign investments made by Rosneft. The Russian energy giant has a direct stake in seven different Venezuelan oil projects, five onshore oil fields and two offshore gas fields. In addition, Rosneft has prepaid Venezuela billions for future oil deliveries. As of the end of 2018, it's estimated that there are still about $2.5 billion owing against future oil shipments.