CARACAS, Nov. 6 (Xinhua) -- Venezuela and Russia Thursday said they were under a negotiation on forming a bi-national bank to finance their development.

    The issue was discussed when Venezuelan leaders met with visiting Russian Deputy Prime Minister Igor Sechin, said Venezuelan officials.

    Sechin, who was heading a delegation of Russian business leaders, was in Venezuela to pave the way for an upcoming visit by Russian President Dmitry Medvedev later this month.

    The two sides have agreed to launch a high-level commission to prepare agreements expected to be signed during Medvedev's visit on energy, finance, industrial development, military technology, space and nuclear, said Venezuelan Foreign Minister Nicolas Maduro.

    Maduro also said the two countries may cooperate in peaceful use of nuclear energy.