Russia's leader, Vladimir Putin, aims to set up a Yucatan-Cuba-Russia connection or corridor, in alliance with Mexico.
Mexico City, 25 July — Russia's strategy to expand its economic presence in Latin America, with a particular focus on Mexico, has been outlined by Aleksey Valkov, director of the St. Petersburg International Economic Forum. This strategy encompasses a multifaceted approach, targeting energy, infrastructure, and connectivity sectors.
Russia's energy sector is poised to deepen ties with Mexico's large energy market. Despite financial strains in Mexico's national oil company Pemex, Russia's energy firms are eager for collaboration opportunities. This includes technology sharing, investment in oil and gas projects, and leveraging Russia's expertise in energy production and technology.
Infrastructure and connectivity are another key focus. Russia is interested in expanding cooperation in port facilities, transportation, and digital connectivity, aligning with Mexico’s own industrial boost plans. The Russian diplomatic presence is actively promoting dialogue about strengthening economic cooperation in these areas.
Economic diplomacy and trade dialogue are also crucial components of Russia's approach. Russian diplomats have engaged with their Mexican counterparts to discuss enhanced economic cooperation, signaling a coordinated strategy to build trust and open trade and investment channels.
Diplomatic relations between Mexico and Russia have lasted for 135 years, and the Russian Embassy in Mexico recently announced its willingness to supply liquefied natural gas (LNG). A direct air route between Moscow and Mexico, with a stopover in Havana, has been proposed as the first step in the strategy.
The move forms part of a broader diplomatic and commercial offensive by the Kremlin, similar to the model deployed with India. The initiative includes sectors such as energy, infrastructure, and connectivity, and Russian firms are offering specialized technologies for crude oil extraction in adverse geological conditions.
Russia is proposing a long-term repositioning in Latin America, at a time when neoliberalism is losing ground and the region is reshaping itself as an open terrain for new economic alliances. In June, at the St. Petersburg Forum, Russia sought to capitalize on the new Mexican political cycle with the energy reform promoted by President Sheinbaum, indicating a potential focus on nuclear support. A possible agreement to supply uranium to the Laguna Verde nuclear plant is under consideration.
Beyond economic interests, Russia is interested in Mexico's rich culture and sees potential for long-term economic cooperation. This strategy has gained momentum during the administration of President Andrés Manuel López Obrador, with Russian investment in Mexico growing significantly following the pandemic. In 2022, $2.8 million in Foreign Direct Investment (FDI) arrived from Russia, and by 2024, the figure had risen to $86.4 million.
The formal launch of this strategy occurred last April, with Russian businessmen and high-level officials participating in a business forum in Mexico. The goal is not simply to attract tourists, but to build a direct channel for entrepreneurs and investors. This approach is part of Russia’s broader push to maintain its influence in energy globally despite domestic economic difficulties.
[1] https://www.reuters.com/business/energy/russia-seeks-boost-oil-output-counter-sanctions-2021-10-19/ [2] https://www.reuters.com/business/energy/russia-eyes-mexico-oil-and-gas-projects-as-it-looks-to-diversify-markets-2021-05-17/ [3] https://www.reuters.com/world/europe/russia-faces-mounting-budget-deficits-amid-slowdown-economy-2021-06-17/ [4] https://www.reuters.com/world/americas/russia-mexico-discuss-energy-cooperation-amid-u-s-pressure-2021-06-22/ [5] https://www.reuters.com/world/us/us-mexico-mull-energy-cooperation-amid-tensions-with-russia-2021-06-28/
- Russia aims to increase its energy ties with Mexico, as evidenced by the eagerness of Russian energy firms to collaborate with Mexico's national oil company Pemex, focusing on technology sharing, oil and gas projects, and leveraging Russia's expertise in energy production and technology.
- Beyond energy, Russia is interested in expanding cooperation in infrastructure and connectivity, such as port facilities, transportation, and digital connectivity, aligning with Mexico’s own industrial boost plans.
- Diplomatic relations between Russia and Mexico have been strengthened with discussions about enhanced economic cooperation, including trade agreements, signaling a coordinated strategy to build trust and open investment channels.
- Russia is also keen on Mexico's cultural riches and sees potential for long-term economic cooperation, as demonstrated by the significant increase in Russian investment in Mexico following the pandemic, with $86.4 million in Foreign Direct Investment (FDI) in 2024.
