The delegation headed by Deputy Prime Minister Igor Sechin includes representatives from large Russian companies and economic-related ministries.
On the sideline of the visit a number of working groups from the energy, financial, industry, transport, science, education and agriculture sectors will meet for talks.
Venezuela is the second country after Cuba that the Russian delegation has visited on its Latin American tour. Sechin said an agreement had been reached with Cuba to boost partnership in most economic sectors, including energy, pharmaceutics, agriculture and transport.
The Russian delegation also assessed the damage to Cuba following two recent hurricanes, Gustav and Ike. Russia was the first to send aid to Cuba after Gustav hit the communist island last month. The Russian delegation promised more aid, including food as well as equipment for the country's damaged electricity grid.