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  • A shipment of wheat in Venezuela (FILE).

    A shipment of wheat in Venezuela (FILE). | Photo: AVN

In exchange for the imports, five new companies will be established in Venezuela for the manufacture of Russian industrial vehicles.

Venezuela is ready to import large quantities of Russian wheat, President Nicolas Maduro announced Thursday following a phone call with Russian President Vladimir Putin.

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"We are ready, all trade agreements have already been signed and very soon Russia will supply Venezuela with 60,000 tons of wheat per month on a stable basis starting from this year," Maduro said, according to state news agency AVN.

The major deal to provide raw materials for the country's bakeries will grant an important line of support for the South American country. According to Russian state bodies, Venezuela relies on imports of grain and has been buying large amounts of genetically modified, or GMO, wheat from its geopolitical adversary, the United States. Like Russia, Venezuela has banned GMO crops.

In exchange for the imports, five new companies will be established in Venezuela for the manufacture of Russian industrial vehicles.

“The Russian President wished the Venezuelan government success in their efforts to return the situation in the country to normal and stressed the importance of resolving the current problems by acting within the law and in accordance with Venezuela’s legislation,” the Kremlin said in a press statement following the call.

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“The two presidents discussed current matters regarding the strategic partnership between the two countries and implementation of mutually advantageous projects in various areas.”

Maduro described the deal as a “win-win,” hailing Russia's assistance and stating that it would benefit the economic power of the Bolivarian state. Venezuela has worked alongside Russia since the time of late President Hugo Chavez, arriving at over 250 agreements in the military-technical, educational, cultural, housing, environmental, petrochemical and technological fields.

Unlike countries within the U.S. orbit, Russia has stood by Venezuela's side. The South American nation has been subject to an imperialist-backed economic war, including sanctions, as well as weeks of right-wing opposition protests that are increasingly sinking to the level of violent riots.

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