Putin's Gambit

Subject: txt nsec intl russia hugo -
Security: If anything should raise alarm bells in Washington, it's Vladimir Putin's visit to Caracas to make oil deals and sell weapons. This signals not only the failure of the U.S. "reset" policy, but a new threat.

Friday, Russia's prime minister made his first trip to Caracas, jetting in with little fanfare to sign deals. The urgency baffled many, but Putin got right down to business, announcing that Russia had gotten the right to develop Venezuela's Hunin-6 field, the world's largest oil deposit.

He also announced that Russian companies would build refineries and handed Chavez a $1 billion "entry fee." Meanwhile, he said Russia would sell more than $5 billion in arms to Venezuela and build a Bolivian aircraft refueling stop, effectively a Russian military base near the center of South America.

Why the sudden visit? Putin sees a perfect storm of opportunity...

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