Russia Agrees Venezuela Weapon Procurement Loan

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.

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.