Russia to loan Chavez $1 billion for arms

Steve Johnson
by Steve Johnson

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
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!

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  • Renegade Renegade on Sep 30, 2008

    As far as I know Venezuela only had 25 SU-30mk2 so they bought even more or what? And what kind of submarines are they going to buy?