Published on Oct 10, 2014
PROVIDED BY CNNNEXT.COM
The recent Latin American tour of Russian President Vladimir Putin has forged a strong relationship in the region especially when considering cooperation deals signed in Argentina.
The alliance is now of special significance following the decisions by the EU and the US to impose unilateral sanctions on Moscow.
Experts say Russia and Latin American countries have much in common besides their vast territory and huge population.
The far-reaching agreements cover cooperation in key areas such as the oil sector and food industries.
Russian investments in infrastructure and technology transfer are raising hopes that Latin America can overcome challenges to its development and that the two sides can jointly beat barriers imposed by western countries.
This comes as a multi-billion-dollar oil deal to explore the second largest gas field in the world has just been announced in Argentina.
The deal can turn Argentina from and importer of fuels into an exporter in the near future.
That was reaffirmed during a teleconference between Argentine President Cristina Kirchner and her Russian counterpart.
President Vladimir Putin has affirmed Argentina is Russia's main strategic partner in Latin America.
The two countries are developing a close cooperation in mutual investment and trade, which according to the Argentine Ministry of Production is expected to grow in the coming months.
