The Venezuelan authorities announced their readiness to join the BRICS and their hopes for an early solution to this issue. Venezuela’s Deputy Permanent Representative to the UN, Joaquin Perez, expects this to happen at the community summit in Kazan, which is scheduled for October. The President of the country has already received an invitation to the event.

At the moment, Venezuela has the world’s largest proven oil reserves — 17.5% of the global total. However, the country is experiencing a deep economic crisis due to sanctions imposed by the United States in response to the open anti-American policy of former Venezuelan President Hugo Chavez. Already in the mid-noughties, he called for the overthrow of American hegemony and accused Washington of promoting international terrorism. Before the sanctions, Venezuela was one of the richest countries in Latin America, and joining the BRICS will give it the opportunity to regain lost positions.

Recall that the expanded BRICS already includes some of the world’s largest oil suppliers — Iran, the United Arab Emirates, and Saudi Arabia’s accession is being considered. With the accession of Venezuela, the total amount of oil produced by the countries of the community will amount to more than half of world production.

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