The term “Bric” was coined by Jim O’Neill, a Goldman Sachs analyst, to note the vast economic potential of the four emerging markets. Yesterday, however, geopolitics was high on the agenda as China and India’s foreign ministers joined Russia in calling for fresh talks between Serbia and Kosovo.

Europe and the US both recognised Kosovo’s declaration of independence in February, but Russia has led the opposition to the split from Serbia. Yesterday it appeared to find common cause with India and China, nations struggling with separatist movements.

The Bric foreign ministers have previously held meetings on the side-lines of UN conferences, but the Yekaterinburg gathering is the first formal independent meeting and suggests that the four nations want to use their association for a political purpose.

Brazil and India are using their economic clout to wield political influence, notably in bodies such as the World Trade Organisation, in which the two often lead negotiations with the US and the EU.

A spokesman for Russia’s foreign ministry said: “Bric unites the major economic growth centres with more than half the world’s population, the role of which in international affairs will grow.

15:31 | 12/ 05/ 2008

MOSCOW, May 12 (RIA Novosti) – Venezuela is planning to conclude several contracts with Russia next month on the purchase of military equipment worth at least $2 billion, a leading Russian business daily said on Monday.

Venezuelan President Hugo Chavez is expected to pay an official visit to Moscow at the end of May to conclude the necessary agreements with Russia’s new President Dmitry Medvedev, who earlier pledged to maintain close military cooperation with Caracas, the Kommersant newspaper reported.

Oil-rich Venezuela is a major purchaser of Russian weapons and hardware. In 2005-2006, Venezuela ordered weaponry from Russia worth $3.4 billion, including 24 Su-30MK2V Flanker fighters, Tor-M1 air defense missile systems, Mi-17B multi-role helicopters, Mi-35 Hind E attack helicopters and Mi-26 Halo heavy transport helicopters.

Russia has repeatedly stated that it will actively participate in the modernization of the Venezuelan armed forces until 2013.

Kommersant said negotiations were underway on the purchase of 10 Il-76 Candid military transport planes and two Il-78-MK aerial tankers for the Venezuelan Air Force. The contract will be worth a total of $600 million.

Deliveries will be completed next year. The aircraft will replace six outdated American Lockheed C-130H Hercules transport planes and two Boeing 707-320C aerial tankers.

Venezuela and Russia have also agreed on the purchase of four Kilo-class Project 636 diesel submarines. The terms of the deal, estimated at $1.2 billion, were negotiated late last year.

The Project 636 submarine is designed for anti-submarine warfare and anti-surface-ship warfare, and also for general reconnaissance and patrol missions. It is considered to be one of the quietest diesel submarines in the world.

In addition, Caracas has expressed an interest in purchasing Mi-28NE Night Hunter attack helicopters.

Kommersant said Venezuela may buy at least 10 Night Hunters for a total of $200 million, with delivery beginning in the second half of 2009.

The advanced Mi-28N helicopters were inducted into the Russian Air Force last September. The first four aircraft will join the Russian Air Force in 2009 after additional testing.