It has become apparent that Russia has been using oil as a geopolitical tool. This has enabled the country to acquire significant power around the world while at the same time sabotaging the interests of the United States. However, it has been reported that Russia is likely to run into trouble for putting its money in shaky political climates and turbulent economies. For instance, economic experts in Europe speculate that the nation faces a crucial test in Venezuela. Venezuela has become a longtime ally of Russia. However, if Venezuela is to prevent defaulting its international debt, it should come up with a quick solution to the billions it owes lenders. For instance, most of the deals and the loans that had been ongoing between these two nations were centered on the Venezuelan oil business. As for Russia, it has been benefiting from the deal by managing to keep Washington away from the oil. On a recent trip this month, Venezuela president Nicolas Maduro thanked Vladimir Putin for the help that he had offered his country both economically and politically. The Venezuelan president had gone to the country to seek fresh financial support. Russia is using its oil state giant known as Rosneft to try to accumulate power where the United States has failed.
As the United States and the European Union have retaliated, Rosneft has been forced to seek new investments as well as new partners. This is a company that has been very crucial in funding major projects by the Russian government. It has also played an important part in funding social programs in Russia. As a result, it has sought to build a relationship with countries such as Vietnam, Egypt, Cuba, and China. There are just some of the few places where American presence is not welcome. It has also been reported that the Russian company is seeking to open new projects in Africa and eastern Mediterranean. These are areas that offer Russia more than the energy picture in terms of tactical importance. Other than these areas, the company has established itself in Northern Iraq near the Kurdish territory. This is seen as a desire to control Iranian oil fields should Iran and the US fall out. Council on Foreign Relations energy expert Amy Myers Jaffe says that the Russian company is on a mission of creating opportunities that can be very crucial in geopolitical ways in the future. 50 percent shares of the company are owned by the Russian government.