Russia has given Venezuela a $4bn credit to purchase weapons, adding to the billions that has already been spent on re-equipping the army, Venezuela president Hugo Chavez has said.

“We were in Russia not long ago and the Russian government has now given us a $4bn credit to help us with defence equipment. We are simply doing the task of defending the fatherland from the threat of the US and its allies,” he said.

Go deeper with GlobalData

Go deeper with GlobalData

The gold standard of business intelligence.

Find out more

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more

The details of the equipment purchase have not been disclosed, according to Reuters.

The US imposed an arms embargo against Venezuela in 2006 due to poor diplomatic relations between the two nations.

Army Technology Excellence Awards - Nominations Closed

Nominations are now closed for the Army Technology Excellence Awards. A big thanks to all the organisations that entered – your response has been outstanding, showcasing exceptional innovation, leadership, and impact across the defence sector.

Excellence in Action
SignalGeneriX has won the Autonomous Technology Innovation Award for its LOTUS AI Mission Computer -a compact, rugged edge AI platform delivering up to 100 TOPS for ISR, EW, robotics and autonomous systems. Discover how LOTUS is redefining real-time decision-making and autonomy across demanding defence missions.

Discover the Impact