"Trade between our countries is worth $185 million, which obviously does not reflect Russia's or Chile's burgeoning economies," Sergei Kislyak told a news conference at the end of Russian-Chilean political consultations.
He said Russia is also ready to cooperate with Chile in the nuclear sphere, but this was entirely up to the Chilean government to decide.
Chile, which meets 90% of its demand for natural gas with imports from Argentina and is facing an energy crisis, is considering the possibility of building nuclear power plants.
Kislyak said Russia is taking an increasing interest in Latin America.
"Russia and the Latin American countries have an excellent future," he said.