Import and export of goods with Venezuela — a bilingual EN/RU contract for the bank in 5 minutes. Settlements in USD, special sanctions regime
Choose contract type →Four contract types — for any deal structure with a Venezuelan partner
Import oil, petroleum products, metals, and agricultural produce from Venezuela.
Export food products, medicines, machinery, and equipment to Venezuela.
A contract for services from Venezuelan companies: oil and gas, engineering.
A contract for providing services to Venezuelan clients: oil and gas industry, IT.
Key terms to reflect in the contract
Venezuela is under sanctions imposed by the US, EU, and a number of other countries. Russian companies operate within the framework of Russian law, but correspondent banks may refuse to process payments. Agree on the settlement route in advance.
Sanctions · complianceVES (the Venezuelan bolívar) is subject to hyperinflation. International contracts are denominated exclusively in USD. Settlements may be routed through third countries (Russia, China).
USD · hyperinflationA Russian resident is required to repatriate proceeds within the deadlines set out in the contract. For amounts from 3 million RUB, a unique contract registration number is issued.
173-FZ · repatriationTo identify a Venezuelan company, request its RIF (Registro de Información Fiscal) — the equivalent of a Russian INN. Verify it through the Seniat portal (seniat.gob.ve).
RIF · company detailsAnswers to the most common questions
Venezuela is one of the world's largest oil producers and a traditional partner of Russia in Latin America. Cooperation spans the oil and gas industry, military-technical cooperation, and food supplies.
In the contract, specify the RIF (Registro de Información Fiscal) — the Venezuelan tax number — along with the company's full name and address. Verify it through Seniat (seniat.gob.ve).
USD is the only practical currency for contracts with Venezuela. The VES (bolívar) has undergone several redenominations and hyperinflation. Settlements are made through Russian banks or through partners in neutral jurisdictions.
Work with Venezuelan counterparties is conducted within the framework of Russian legislation. However, Western correspondent banks may block payments. Check the settlement route with your bank in advance.
Venezuela has not acceded to CISG. The contract should specify the governing law (Russian or Venezuelan) and the arbitration body — the ICAC at the Russian CCI is recommended for Russian exporters.