The meeting focused on the recent events in Georgia and joint naval exercises scheduled to take place in November

Just three days ago Russia dispatched a naval fleet of warships to the Caribbean, led by the Peter the Great nuclear cruiser.

After the meeting, the countries signed bilateral documents concerning energy cooperation, according to the Kremlin's website.

Russia also offered Venezuela US$1 billion in credit to buy Russian weapons to develop military ties in a time when relations between Russia and the United States are worsening, according to Russian news agency Interfax.

Mr Chavez reaffirmed his strong support for the measures taken by Russia during the war in South Ossetia.

Prior to meeting with Mr Medvedev, Mr Chavez met with Prime Minister Vladimir Putin at his residence near Moscow. The two discussed what Putin called "new opportunities" for cooperation between the two nations.