Venezuela and Iran may be geographically far, but they are politically close. In recent years the two countries have signed a series of trade and defense agreements. Both countries, ruled by autocratic regimes, face a significant number of international sanctions. Both are therefore largely isolated from international trade flows. In addition, both are cultivating closer relations with  China and Russia. In the coming months, relations between Tehran and Caracas will deepen further. 

Key judgement 1. In the next six months, Iran and Venezuela will likely increase their commercial relations, especially in energy.

Key judgement 2. Venezuela is likely to increase its purchases of Iranian military hardware in the next six months.

Key judgement 3. Venezuela and Iran are likely to strengthen their political relations in the next six months.