Yes, SOVIETS is a Scrabble word!

Letter values in Scrabble US: S 1, O 1, V 4, I 1, E 1, T 1, S 1.

Is it a valid word?

SOVIETS is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

the government of the Soviet Union
an elected governmental council in a communist country (especially one that is a member of the Union of Soviet Socialist Republics)