Hugo Chavez’s visit to Russia triggers wave of Western criticism

Venezuelan President Hugo Chavez arrives in Moscow with an official visit. The Venezuelans leader is going to discuss issues of arms shipments, the energy market cooperation, as well as questions regarding the establishment of a Russian-Venezuelan bank. Chavez is said to meet Russian officials to discuss questions of purchasing Russian tanks and other military hardware for the needs of the Venezuelan Armed Forces. Hugo Chavez also plans to discuss an opportunity to set up a Russian-Venezuelan bank that would subsequently work with the funding of joint projects. The Venezuelan government has already introduced necessary amendments in the national legislation about the Central Bank. Hugo Chavez has been strengthening economic ties with other countries as well. The Venezuelan president urged members of the recent PetroCaribe summit to set up IMF-independent financial institutions with such countries as Russia, Belarus, China, India and Iran. The Venezuelan president believes that it is time one should set up a strategic energy alliance with those countries. Chavez exemplified his point of view with the recent establishment of the Chinese-Venezuelan Development Foundation with the capital of $6 billion.