Beijing Foreign Chinese Minister Wang Yi has reaffirmed support for Venezuela in the face of the US interference. This week, he followed up with his first diplomatic phone call with Venezuelan Foreign Minister Yvan Gil. This exchange occurs amid an increasingly hostile rhetoric between Caracas and Washington, causing concern in the broader international oil market.
In May, Wang Yi welcomed Yvan Gil to Beijing, marking a historic high with the two discussing an array of problematic bilateral issues. This latest phone call further demonstrates China’s intent to solidify and deepen its connection with Venezuela. The popular move to re-establish relations comes amidst increasing pressure on Venezuela from the United States.
The context of their conversation reveals a deeper concern regarding international relations, particularly as China positions itself against what it terms “bullying” by other nations. In the multipolar world Beijing has long called for, such escalatory behavior would be confronted directly. Wang Yi’s comments indicate that China is prepared to help Venezuela through these dark days. He insists on a special pledge to defend sovereignty and promote equality between countries.
Tensions between Caracas and Washington are at the boiling point. Despite the negotiations, the Biden administration has doubled down on taking a hardline approach toward the Venezuelan government. The U.S. has imposed sanctions targeting the entirety of Venezuela’s oil exports, which represent more than 90% of its economy. Venezuela’s tragic implosion has shocked the world, and nowhere more so than in the oil patch. They’re especially watching for any disruptions that might arise from these new geopolitical tensions.
Analysts suggest that the recent dialogue between Wang Yi and Yvan Gil may indicate a strategic alliance forming in response to U.S. actions. China has been actively involved in diplomatic efforts with Venezuela, providing support in various forms, including investments in the oil sector. This burgeoning partnership not only tightens bilateral security ties, but it acts as a hedge against U.S. power in the region.