Russia and Nicaragua signed a reciprocal visa-free agreement.
The agreement was signed as part of the visit by Igor Sechin, Russia's Deputy Prime Minister.
"Nicaragua's Foreign Relations ministry reported in a press release that the agreement was signed by Igor Sechin and Nicaraguan Chancellor Samuel Santos", reported Prensa.com.
Russia and Nicaragua formalized an energy cooperation agreement, to explore oil in the country.
Igor Sechin, Russia's Deputy Prime Minister, informed that exploration, both in land and Nicaraguan waters, will be carried out by the National Petroleum Consortium of Russia, comprised by the largest Russian oil companies.
After the signature of the understanding memorandum in the Nicaraguan Foreign Relations Ministry, Sechin announced: "With this document, the consortium will green-light studies on oil exploration possibilities in Nicaragua".
The Nicaraguan government has announced that Russia is interested in supporting the construction of an inter-oceanic canal in Nicaragua to facilitate maritime trade between the Atlantic and Pacific.
The Russian support will be defined insofar as bilateral relations are developed, indicated government minister, Samuel Santos.
Nicaragua currently has three canal projects under review and has not been able to carry them out due to lack of financing.