Venezuela intends to increase trade with Russia

© RIA Novosti / Alexey Druzhininskaya and Venezuela. Archival photoVenezuela intends to increase trade with Russia© RIA Novosti / Alexei Druzhinin

The agreement to restructure the debt of Venezuela to Russia will allow to increase the level of trade turnover between the two countries, said Vice President of Venezuela for economic Affairs and Finance Wilmar Castro Soteldo.

«The agreement will allow us to provide some of the needs of the Venezuelan people thanks to the new formula of debt repayment, secondly, to increase the level of trade turnover with Russia to reach those levels that we had in the first years of cooperation,» he said at a press conference.

Moscow and Caracas signed on Wednesday an intergovernmental Protocol on the restructuring of ten years the debt of Venezuela to Russia in the amount of $ 3.15 billion on the public credit granted at the end of 2011. In the first six years, according to the Russian Ministry of Finance, the payments will be minimal.

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