MOSCOW, Russia (CNN) -- In his second visit to Russia in as many months, Venezuelan President Hugo Chavez met with counterpart Dmitry Medvedev Friday in the southern city of Orenburg.
Russian President Dmitry Medvedev (left) shakes hands with his Venezuelan counterpart Hugo Chavez.
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 $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.
Chavez reaffirmed his strong support for the measures taken by Russia during the war in South Ossetia.
"We are well aware of the reasons behind the conflict -- who attacked the people of South Ossetia and how. We once again express our complete and firm support for your actions," he said.
Chavez also addressed the financial crises in the United States and other regions of the world.
"The crisis is terrible. It is hard to imagine its consequences. Vladimir Putin and I discussed this situation yesterday. Thank God, Russia and Venezuela are confidently moving forward. Our cooperation is becoming stronger."
Prior to meeting with Medvedev, 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.
-- CNN Producer Mike Sefanov contributed to this report.