Iranian supermarket opens in Venezuelan capital

Iran and Venezuela maintain strong economic ties despite US sanctions on both countries.

al-monitor An Iranian supermarket has opened in the Venezuelan capital, Caracas. Here, an Iraqi worker displays canned tomatoes from Iran at a supermarket in Baghdad on July 7, 2008.  Photo by AHMAD AL-RUBAYE/AFP via Getty Images.

Jul 31, 2020

The first Iranian supermarket has opened its doors in Venezuela. The opening is the latest example of strong ties between the Islamic Republic and the South American country in the face of US sanctions.

The market named Megasis sells food, clothing and home products made in Iran and is located in Venezuela’s capital, Caracas. The market's ownership is “affiliated with Iran’s Defense Ministry” and aims to boost Iran’s exports, Iran’s state-run Tasnim News Agency reported today. The Venezuelan government-owned Telesur news outlet also reported the market’s opening.

Iran and Venezuela have grown closer in recent years due to shared animosity toward the United States and harsh sanctions from the United States on both countries. The restrictions the United States puts on both countries create a limited market for Iranian and Venezuelan products globally — including oil. Iran’s fuel storage facilities are nearly full amid sanctions and the COVID-19 pandemic, making its fuel deliveries to Venezuela vital.

Iran has said it plans to conduct regular fuel deliveries to Venezuela. US pressure on these fuel tankers has not stopped continued fuel, economic and medical deliveries from Iran to Venezuela this year.