The Venezuela-Russia trade balance has increased by more than 500 percent, said Venezuelan ambassador to Russia Alexis Navarro, who also stressed that such a growth also includes negotiations in the military and energy fields.

"This has been very positive. Three years ago, the trade balance favored Venezuela and amount to USD 60 million only," Navarro told the official news agency ABN.

The diplomat added that Venezuela is reinforcing its condition of peaceful country, and "with Russia we may consolidate the need of peace worldwide."

On Thursday, during his second official visit to Russia, President Hugo Chávez and his Russian counterpart Vladimir Putin are to address cooperation in gas and oil, among other issues.

Navarro reminded that so far Venezuela and Russia have initialed 37 agreements and 11 letters of intent, many of which are already in effect.