One of the key areas of interest for Russia is Latin America, an oil hotspot that lies on President Trump’s doorstep. President Putin has aligned himself with a number of governments on the continent, with a key ally being Venezuela leader Nicolas Maduro. Venezuela has the largest oil reserves in the world with around 300 billion barrels, something which has provoked Russia’s President to ensure Moscow-Caracas relations remain strong.
Amid efforts by President Trump to pressure Mr Maduro into stepping down with devastating sanctions, Mr Putin supplied crucial political economic support including generous loans, propping up the regime despite an ongoing economic crisis in which hyperinflation has left millions in poverty.
Russia’s aid to the Maduro government didn’t come without reward though, as The Venezuelan government is now readying to hand over control of state oil company PDVSA to Russia’s Rosneft.
The radical move is still being discussed as a way of erasing Caracas’ debt to Moscow, with the outstanding amount owed to Russian company Rosneft a sizeable £853million.
Rosneft’s loans to the embattled Venezuelan state oil company have amounted to billions and now acquiring the oil giant looks the only way to clear the debts.
Two years ago, Caracas and Moscow sealed a deal for the restructuring of another £2.4billion debt to Russia over 10 years with minimum payments over the first six years. Since 2006, Russian loans to Venezuela have reached more than £13billion in total.
President Maduro is not the only important ally for Mr Putin in Latin America as, up until his resignation earlier this month, Bolivian President Evo Morales also became a big partner for Moscow.
Russia’s relations with Bolivia mean the Kremlin has benefited from increased exploration of natural resources after a deal was signed in 2008, while Mr Morales had been aided by Russian weapons in his bid to thwart drug crime in the country.
READ MORE: Putin takes control of Venezuela oil as Trump’s anti Maduro plan fails
President Trump’s withdrawal of US troops from the Middle East all but confirmed Mr Putin’s status as power broker in the region, where oil reserves in Iran and Syria will prove crucial for the Russian state.
Russia’s state owned Gazprom has already integrated with Tehrans’s petroleum sector. Iran has the fourth largest reserves in the world behind Canada and Saudi Arabia in second and third.
Moscow has also drastically increased its military presence in the Arctic, where oil reserves are being made more accessible by melting ice.
The US clings on to important friendhships in Canada and Saudi Arabia, but with Washington’s grip on the Middle East slipping and the Saudi oil attack highlighting Riyadh’s vulnerability, President Putin appears en route to natural resource dominance.