Russian-Venezuelan Bank to Start Functioning in 2015 - Envoy

Venezuela's Ambassador to the Russian Federation Juan Vicente Paredes Torrealba stated that the final document, which will allow the Russian-Venezuelan investment bank to begin operating, will be signed during the session of the Intergovernmental Russian-Venezuelan High-Level Commission in Kazan.

MOSCOW (Sputnik) — The Russian-Venezuelan investment bank will officially begin operating this year, Venezuela's Ambassador to the Russian Federation Juan Vicente Paredes Torrealba told Sputnik in an exclusive interview.

"It is all agreed, all the regulations are in order. The initial capital of $4 billion has been reserved, despite the problems we encountered due to the economic war we have been facing for the past 16 years," the ambassador said, hinting at tensions with the United States, which were exacerbated after Socialist leader Hugo Chavez came to power in 1999.

The diplomat specified that the final document, which will allow the bank to begin operating, will be signed during the session of the Intergovernmental Russian-Venezuelan High-Level Commission to be held in late March in Russia's Kazan.

The Russian-Venezuelan investment bank is a joint capital financial institution with activities aimed at financing projects of mutual interest in spheres such as energy, infrastructure and transport.

The initial agreement on the establishment of the bank was signed in 2008 by then-President of Venezuela Hugo Chavez and Russian President Dmitry Medvedev during the Russian leader's visit to Caracas.