Military cooperation between Russia and Cuba is developing successfully, Russian Foreign Minister Sergey Lavrov said Thursday.

"Our military cooperation with Cuba is developing successfully in accordance with agreements between the two sides," Lavrov told a briefing following his visit to Cuba.

"And as I understand the forms of this military cooperation suit both the Russian and Cuban sides," the top Russian diplomat explained.

This comes after Lavrov announced on Thursday that a Russian delegation would visit Brazil, Venezuela, Cuba, and Nicaragua.

Lavrov further stressed that it was in this "spirit of strategic partnership" that Moscow desired to send a delegation to develop relations in Latin America, "including Brazil, Venezuela, Cuba, and Nicaragua, which our delegation will pay visits to in the second half of April."

Moreover, Lavrov revealed that Moscow and Havana have been negotiating a loan for an additional supply of wheat.

"We are negotiating with our Cuban friends on a special loan for additional wheat supplies," Lavrov said during a press briefing.

Restructing Cuba's debt

The conditions for the restructuring of Cuba's debt have been agreed upon, the Russian top diplomat said.

"Of course, everything that is being achieved has contributed to the completion of work on agreeing on the terms of the restructuring of Cuba's debt," Lavrov said.

This comes after China and Algeria made great contributions to Cuba, with Algeria canceling interests on Cuba's debts and postponing its payment and China donating $100 million to Cuba as these powers stand together in light of the West trying to isolate and sanction them.

Algerian President Abdelmadjid Tebboune announced in November the cancellation of all interests on Algeria's debts to Cuba and the postponement of their payment.

Following a meeting with his Cuban counterpart Miguel Diaz-Canel, President Tebboune said in a press conference that the step came to alleviate the situation and the economic pressure that Cuba is suffering from, in addition to the decision to resupply Cuba with energy and launch projects in various sectors.

The Algerian president stressed the good relations between Algeria and Cuba, which made the Cuban president's visit an opportunity to resume and strengthen relations again.

China donated $100 million to the government of Cuba in the context of Cuban President Miguel Díaz-Canel's visit to China, the Cuban government said, assuring that the sum will be used for "public priorities".

Cuba's Economy and Planning Minister, Alejandro Gil, said 12 agreements were signed.

The Economy and Planning Minister added that further agreements were made to invest in the "program for the conversion or modernization of our press."

Russia to discuss BRICS currency creation

Russia is ready to take part in the discussions on the creation of a BRICS currency, Russian Foreign Minister Sergey Lavrov added in the wake of his visit to Cuba.

"The BRICS countries have long been working on measures to reduce the share of the dollar in mutual payments and to switch to payments in national currencies," he explained.

"Recently, Brazilian President Lula suggested that we consider moving toward a collective currency within the BRICS. We will participate with interest in this discussion," Lavrov stressed.

State Duma Deputy Chairman Alexander Babakov said last month that the BRICS alliance is working on creating its currency and is scheduled to present ideas on the matter at the organization's forthcoming summit in South Africa in august this year. 

Babakov further did not dismiss the possibility of the formation of a single BRICS currency. According to him, the currency would be secured not just by gold, but also by other groups of products, including rare-earth elements of the soil. 

China and Brazil had struck a deal to ditch the US dollar in their bilateral transactions, which is expected to reduce investment costs and develop economic ties between the two countries.

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