The duty rates on Russia's hot-rolled and cold-rolled steel were introduced in 1999 and amounted to 45.03% and 45.41%, respectively.
"Under resolutions of the Venezuelan Ministry of Light Industry and Commerce as of July 17, 2008, the two antidumping duties on hot-rolled and cold-rolled steel produced in Russia are annulled with effect from July 17, 2008," the ministry said in a statement.
Venezuelan President Hugo Chavez voiced strong support for Russia during its recent conflict with Georgia, saying Venezuela "would do the same if someone dared to attack us."
The two countries, seeking to build military ties, will hold a joint naval exercise in the Caribbean in late November or early December.
Two Russian Tu-160 Blackjack strategic bombers landed in Venezuela on Wednesday as part of their patrol flights over neutral waters in the Pacific and the Caribbean.
Next week the head of Russia's largest independent oil company, LUKoil, will arrive in Caracas to discuss investment in Venezuela's oil industry. The Russian delegation will also include top managers from energy giant Gazprom.
