SOCHI, August 11 (RIA Novosti) - Russia is ready to consider new military cooperation proposals from Venezuela, Prime Minister Putin said on Tuesday.

"We are ready to consider our Venezuelan partners' proposals and initiatives in this regard," he said during a meeting with visiting Venezuelan Energy and Oil Minister Rafael Ramirez.

Putin added that Russian-Venezuelan military cooperation was developing at a good pace.

Since 2005, Venezuela has bought $4 billion worth of weapons from Russia, including helicopters, warplanes and Kalashnikov assault rifles.

Venezuelan President Hugo Chavez recently announced plans to buy dozens of Russian tanks in response to the U.S. building up its military presence in neighboring Colombia.