Russia has agreed to lend Venezuela $2 billion this year, and another $2 billion in 2013 to buy Russian weapons, Ria Novosti reports.Russian officials consider this a great opportunity to help an ally ahead of the country’s upcoming elections, but this isn’t new.
From 2005 to 2007 Venezuela purchased $4 billion worth of Sukhoi fighter jets, combat helicopters, and small arms. In 2010 they bought Russian T-72 tanks and S-300 missile defence systems (which Iran is still trying to get from Russia.
But with Venezuelan President Hugo Chavez’s health failing, the push to finalise negotiations has become all the more urgent. Venezuela is also seeking a $6.5 billion loan for infrastructure development and Russia has said it would invest $12 billion in Venezuela’s oil production infrastructure over the next 10 years.
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