ST. PETERSBURG, June 5. /TASS/. Russia and Venezuela as truly independent states are building up trading and economic ties despite Western sanctions, Alexander Shchetinin, the Director of the Latin America Department of the Russian Foreign Ministry, said at the session Russia - Venezuela on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

"Both Russia and Venezuela are truly independent and sovereign states, which put the interests of national development and the advancement of their state objectives in focus and do it successfully on the whole," he said.

According to Shchetinin, the countries are now experiencing a very difficult period in their development for a number of reasons, including unilateral Western sanctions.

"We are stepping up national production and increasing the self-sufficiency of the economy. Also, it is very important that we are developing our cooperation on the basis of equality and respect for mutual interests," he added.

Shchetinin noted that "all efforts to develop bilateral cooperation in the trade and economic sphere enjoy the full support of Russia’s governing bodies and the Ministry of Foreign Affairs."

Shchetinin described Russia and Venezuela as "reliable strategic partners," and "the basis for such cooperation was laid by the dialogue established between Russian President Vladimir Putin and the outstanding Venezuelan Hugo Chavez."

The Russian diplomat pointed to the importance of the countries' interaction in the international arena and the similarity of approaches to countering sanctions.

"Venezuela takes credit for a very important international initiative to create a Group of Friends in defense of the UN Charter. This is a real mechanism, coordinated by our Venezuelan friends, which is directed against the policy of aggressive neo-colonialism and against unilateral sanctions," Shchetinin pointed out. "These are the principles that form the basis of BRICS and EAEU activities. It is very important that we adhere to very similar approaches."

Another important track is the development of cooperation between Russian regions and Venezuela, he added.

The St. Petersburg International Economic Forum (SPIEF) is running on June 5-8. This year’s theme will be "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World." Scheduled events include meetings for small and medium-sized businesses, creative industries, the SPIEF Youth Day, as well as the Drug Security, SPIEF Academy and SPIEF Junior forums. SPIEF is organized by the Roscongress Foundation. TASS is the information partner of the event.