UPDATE - Maduro Welcomes Economic Agreements With Russia Signed During Borisov's Visit

UPDATE - Maduro Welcomes Economic Agreements With Russia Signed During Borisov's Visit

BUENOS AIRES (UrduPoint News / Sputnik - 06th October, 2019) Russia and Venezuela have signed a number of agreements that will contribute to Venezuela's economic recovery, Venezuelan President Nicolas Maduro announced after a meeting with Russian Deputy Prime Minister Yury Borisov in Caracas.

The agreements were signed by Borisov and Venezuelan Industries and National Production Minister Tareck Zaidan El Aissami on Saturday.

In a public address, broadcast on Maduro's official Twitter account, the Venezuelan leader stressed that the agreements will contribute to his country's economic prosperity.

Maduro also said that Russia and Venezuela are continuing to build on their military cooperation.

"The military cooperation has been going on schedule and we have renewed all the contracts," Maduro said.

He added that agricultural cooperation between the two countries, particularly in what concerns food production, will also see a boost as "new, very advanced projects with the direct presence of Russian investment and technology" are expected in the near future.

According to the Venezuelan leader, a new financial system will be established in the future, a system that will not depend on the Dollar.

"Enough of sanctions, enough of economic wars," Maduro said.

Earlier on Saturday, Borisov announced that Russia and Venezuela were taking their relationship to a new level in the context of US sanctions against Caracas.

According to the Venezuelan government, a total of over 260 agreements have been made with Russia over years of cooperation in multiple spheres. Trade between the two countries has increased by 10 percent as a result of these agreements.

Moscow has been supporting Venezuela's president amid pressure from the United States and its allies, who have sided with Venezuelan opposition leader Juan Guaido. In January 2019, Guaido attempted to take power in Venezuela after Maduro's re-election.