Global Insights: Chavez Trades Oil for Arms in Moscow

Venezuelan President Hugo Chavez’s latest visit to Moscow resulted in a package of arms and energy deals that highlight the mutually beneficial nature of the current Russian-Venezuelan relationship. Facing declining purchases from traditional arms clients, such as India and especially China, Russia has sought to compensate by expanding arms sales to new markets, including in Latin America. For the most part, however, Russian sellers have not been able to achieve major successes, despite Latin American countries doubling the volume of weapons they purchased between the periods of 1999-2003 and 2004-2008. Although the share of Russian arms exports going to Latin […]