Russia to loan Chavez $1 billion for arms

    Russia Today reports:

    Russia will give Venezuela a credit for $US 1 billion, a Kremlin source said to RIA Novosti news agency. The money will give a boost to the military co-operation between the two countries.

    Venezuela has become a major buyer of Russian military hardware recently. Caracas has purchased 100,000 AK-103 assault rifles along with 40 Su-30MK2 jet fighters and about 50 combat helicopters, says Interfax-military news agency. On the future shopping list are 20 Tor-M1 air defence systems and three or more submarines.

    The Russian defense budget for 2009 is $46 billion. So this loan is worth 2.17% of annual Russian defense spending. No small amount!

    Steve Johnson

    I founded TFB in 2007 and over 10 years worked tirelessly, with the help of my team, to build it up into the largest gun blog online. I retired as Editor in Chief in 2017. During my decade at TFB I was fortunate to work with the most amazing talented writers and genuinely good people!