IBOV 171,336.99 ▼ 0.52% IPC MEX 71,905.78 ▲ 0.05% MERVAL 2,848,945 — — USD/BRL5.55▼ 0.54% USD/MXN18.65▲ 0.14% USD/CLP983.34▼ 0.09% USD/COP3,297▲ 0.70% USD/PEN3.41▲ 0.14% USD/ARS1,551▲ 0.34% USD/UYU40.43▲ 3.48% USD/PYG6,196▲ 2.20% USD/BOB11.68▲ 0.19% USD/DOP60.77▲ 0.61% USD/CRC445.62▲ 1.58% USD/GTQ7.64▲ 3.18% USD/HNL26.89▲ 0.13% USD/NIO36.62▲ 1.17% USD/VES899.36▲ 0.14% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.69▲ 2.46% USD/TTD6.72▲ 2.30% EUR/BRL6.18▲ 0.11% BRENT 93.21 ▲ 1.88% WTI 87.32 ▲ 1.49% IRON ORE 161.91 — — COPPER 6.29 ▲ 1.21% GOLD 4,049 ▲ 0.47% SILVER 52.78 ▲ 3.29% SOY 1,223 ▼ 0.14% CORN 446.50 ▼ 0.56% WHEAT 594.00 ▲ 0.21% COFFEE 263.50 ▼ 2.91% SUGAR 18.20 ▲ 0.61% ORANGE JUICE 146.15 ▲ 5.64% COTTON 82.59 ▲ 4.96% COCOA 4,964 ▲ 4.68% BEEF 219.15 ▲ 1.36% CATTLE 330.48 ▲ 0.65% LITHIUM 59.98 ▼ 2.23% PETR4 44.95 ▼ 0.53% VALE3 64.80 — 0.00% ITUB4 41.20 ▼ 1.25% BBDC4 14.54 ▼ 0.95% ABEV3 15.79 ▲ 1.15% BBAS3 17.10 ▲ 0.47% B3SA3 14.48 — 0.00% WEGE3 50.95 — 0.00% PRIO3 60.02 — 0.00% SUZB3 54.46 ▲ 0.48% RENT3 29.79 — 0.00% AZZA3 14.73 ▼ 2.58% CSAN3 2.68 — 0.00% RAIZ4 0.30 ▼ 98.77% PCAR3 2.56 ▲ 5.35% GMAT3 3.81 ▼ 0.52% PSSA3 46.67 — 0.00% CVCB3 0.86 ▼ 1.15% POSI3 3.15 ▲ 3.96% SLCE3 17.09 — 0.00% NATU3 5.55 ▼ 2.80% BRKM5 2.92 ▼ 3.31% RANI3 8.45 ▼ 3.54% CSNA3 4.38 ▼ 2.45% IBOV 171,336.99 ▼ 0.52% IPC MEX 71,905.78 ▲ 0.05% MERVAL 2,848,945 — — USD/BRL 5.56 ▼ 0.43% USD/MXN 18.65 ▲ 0.13% USD/CLP 984.56 ▲ 0.03% USD/COP 3,292 ▲ 0.55% USD/PEN 3.41 ▲ 0.14% USD/ARS 1,545 ▼ 0.03% USD/UYU 40.43 ▲ 3.48% USD/PYG 6,196 ▲ 2.20% USD/BOB 11.68 ▲ 1.36% USD/DOP 60.77 ▲ 0.61% USD/CRC 445.62 ▲ 1.58% USD/GTQ 7.64 ▲ 3.18% USD/HNL 26.89 ▲ 0.13% USD/NIO 36.62 ▲ 1.17% USD/VES 899.36 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.69 ▲ 2.46% USD/TTD 6.72 ▲ 2.30% EUR/BRL 6.18 ▲ 0.13% BRENT 93.21 ▲ 1.88% WTI 87.32 ▲ 1.49% IRON ORE 161.91 — — COPPER 6.29 ▲ 1.21% GOLD 4,049 ▲ 0.47% SILVER 52.78 ▲ 3.29% SOY 1,223 ▼ 0.14% CORN 446.50 ▼ 0.56% WHEAT 594.00 ▲ 0.21% COFFEE 263.50 ▼ 2.91% SUGAR 18.20 ▲ 0.61% ORANGE JUICE 146.15 ▲ 5.64% COTTON 82.59 ▲ 4.96% COCOA 4,964 ▲ 4.68% BEEF 219.15 ▲ 1.36% CATTLE 330.48 ▲ 0.65% LITHIUM 59.98 ▼ 2.23% PETR4 44.95 ▼ 0.53% VALE3 64.80 — 0.00% ITUB4 41.20 ▼ 1.25% BBDC4 14.54 ▼ 0.95% ABEV3 15.79 ▲ 1.15% BBAS3 17.10 ▲ 0.47% B3SA3 14.48 — 0.00% WEGE3 50.95 — 0.00% PRIO3 60.02 — 0.00% SUZB3 54.46 ▲ 0.48% RENT3 29.79 — 0.00% AZZA3 14.73 ▼ 2.58% CSAN3 2.68 — 0.00% RAIZ4 0.30 ▼ 98.77% PCAR3 2.56 ▲ 5.35% GMAT3 3.81 ▼ 0.52% PSSA3 46.67 — 0.00% CVCB3 0.86 ▼ 1.15% POSI3 3.15 ▲ 3.96% SLCE3 17.09 — 0.00% NATU3 5.55 ▼ 2.80% BRKM5 2.92 ▼ 3.31% RANI3 8.45 ▼ 3.54% CSNA3 4.38 ▼ 2.45%
since 2009
Wednesday, November 11, 2026

Iran Strengthens Alliance with Venezuela Amid Sanctions and Controversy

By · · 2 min read

Iran has deepened its strategic partnership with Nicolás Maduro’s regime in Venezuela following allegations of fraudulent 2024 elections. This alliance challenges U.S. and Western sanctions, highlighting growing cooperation between two isolated regimes.

In November 2024, Iranian officials, including Defense Minister Aziz Nasirzadeh, visited Caracas for the 10th Joint Commission on Iran-Venezuela Economic Cooperation.

During the meeting with Maduro and Vice President Delcy Rodríguez, both nations signed agreements, including a visa exemption memorandum and a pact to transfer technology and train Venezuelans in artificial intelligence.

Free daily brief — no card needed
Get every Defense Monitor story in one morning email
We build you a personalized brief around the topics you follow — free for 7 days. Love it? Your first month after that is US$1.

Maduro praised Iran as a “scientific and technological powerhouse” for its resilience against external pressures. Nasirzadeh underscored their shared struggle against Western sanctions, describing their alliance as one of “friends and brothers navigating together.”

The partnership includes Iran’s military presence at Venezuela’s El Libertador Air Base, where it operates a drone manufacturing facility. The base trains Venezuelan personnel to use advanced drones like the Mohajer-6 and Shahed-131, which have been deployed in conflicts such as Russia’s war in Ukraine and by militant groups in the Middle East.

Iran Strengthens Alliance with Venezuela Amid Sanctions and Controversy
Iran Strengthens Alliance with Venezuela Amid Sanctions and Controversy.
RT
Ask Rio Times
17 years of Latin America reporting, on demand.
Open the full Ask Rio Times →

Venezuela’s Role in Helping Iran Evade Sanctions

Beyond military ties, Venezuela helps Iran evade sanctions through a gold-for-oil scheme. Iran supplies fuel to Venezuela in exchange for gold bars, which are smuggled into markets like Turkey via Mahan Air flights between Caracas and Tehran.

The LatAm Brief

One email, every weekday morning. What moved in Latin American markets, politics and expat life.

Yesterday’s subject line: “Petrobras to pay shareholders US$2.7 billion”

Free. We send a confirmation link first — nothing arrives until you click it. Unsubscribe with one click in any edition. If you stop opening us for 30 days we stop sending by ourselves, as we assume the interest is no longer there. See our privacy policy. We never share your email.

Intelligence reports suggest proceeds from these operations may fund Iran’s Quds Force, an elite unit of the Islamic Revolutionary Guard Corps linked to groups like Hezbollah and Hamas.

Maduro has also offered asylum guarantees to Iranian officials facing potential crises in Tehran. This assurance was reportedly extended during a 2022 visit by representatives of Supreme Leader Ali Khamenei.

Iran’s ambassador to Venezuela, Hojat Soltani, has coordinated Tehran’s influence across sectors like oil, defense, and technology. The growing military presence and financial operations challenge Western efforts to contain Tehran’s influence.

In response, U.S. President Donald Trump recently intensified sanctions targeting Iran’s trade networks and financial activities tied to the Quds Force.

Key Facts

— Deep Dive

— For the complete picture, read our in-depth guide: Iran War and Hormuz Crisis 2026: Oil, Latin America and the Global Fallout

This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error

Read More from The Rio Times

The Rio Times · Power Map
See who really holds power in Latin America
Click to open the Power Map →

Brazil runoff date: Sunday, October 25, poll closing times and when results start · Brazil runoff polls: Flávio 51%, Lula 49% · Kalshi and Polymarket odds

Rotate for Best Experience

This report is optimized for landscape viewing. Rotate your phone for the full experience.