Putin's six-day trip will also take him to Argentina and Brazil, where he will take part in a summit of the BRICS group of emerging countries -- an agenda that neatly aligns with his push for a multipolar world at a time when the Ukraine crisis has brought Moscow-Washington relations to a post-Cold War low.
Leftist President Daniel Ortega, whose country was close to the Soviet Union under the Sandinista regime of the 1980s, welcomed Putin at the airport along with his wife and the head of Nicaragua's army.
Through an interpreter Putin said that his government intends to continue strengthening economic with the Nicaragua.
Putin said before the trip that he has his eye on Latin America's oil and bauxite, and plans to woo regional leaders with offers of increased Russian investment and trade in return.
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Analysts say that Putin is also using the tour to thumb his nose at Brussels and Washington, which have slapped sanctions on some of his closest allies over Moscow's takeover of Crimea and support for pro-Russian separatists in Ukraine.
Putin arrived in Nicaragua after visiting Havana, where he and Cuban President Raul Castro witnessed the signing of a dozen bilateral agreements, including for oil exploration off the island's coast, creating an international airline hub in Cuba and supplying equipment for two Cuban thermoelectric plants worth USD 1.6 billion.
Following Putin's arrival early Friday, the two men visited a small cemetery that holds the remains of Soviet soldiers who died of illness or accident while serving in Cuba during the Cold War.
According to Russian sources, Putin said they had a "long and very interesting conversation" of about one hour on international politics and bilateral relations.