Russia's arms exports to Venezuela could top $5bn, according to Russian Prime Minister Vladimir Putin.
The announcement came following the news that the government would extend a $2.2bn loan to the country.
Since 2005, Venezuela has bought $4bn-worth of Russian weapons, including warplanes, helicopters and Kalashnikov assault rifles.
Russia's 13 major defence firms, including IzhMash and a Tula-based company, will receive the military equipment orders.
Venezuela recently received the last four of 38 Mi-17 military helicopters bought from Russia.