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Russia, Argentina signed agreements on economic & energy co-operation

Under the agreement, Russia will finance the hydroelectric plant in Argentina’s Neuquen River, while Russia’s Rosatom nuclear corporation will build a new reactor at Argentina’s Atucha 3 nuclear power plant.

Apr 25, 2015 10:10 IST
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Russia and Argentina on 23 April 2015 signed a series of framework agreements on economic and energy co-operation.

The agreements were inked during the two-day visit of Argentine President Cristina Fernandez de Kirchner to Moscow.

Kirchner and Russian President Vladimir Putin termed the agreements as a comprehensive strategic partnership between the two countries.

The agreements include
• Russia agreed to finance the hydroelectric plant in Argentina’s Neuquen River
• Russia’s Rosatom nuclear corporation agreed to build a new reactor at Argentina’s Atucha 3 nuclear power plant
• A Memorandum of Co-operation (MoC) was signed on defence

The two leaders also agreed to consider use of their national currencies rather than US dollars in bilateral trade.

Comment
In recent past, Russia has shifted its policy towards Asia, Africa and South American countries to tackle the effects of economic sanctions imposed by European Union and the US over the crisis in Ukraine.

On the other hand, Argentina signed the agreement in order to restructure its defaulted debt because of US hedge funds.

 

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