Russian President Vladimir Putin has denied allegations that Russia plans to reopen a Cold War-era spy base in Cuba.

Reports surfaced Wednesday that the Kremlin planned to reopen the station, following the Russian president's visit to Cuba as he makes his way through Latin America. According to the Moscow Times, Putin has denied reports that Russia's Defense Ministry planned to restart using a Cuban spy base.

"Russia is capable of solving its tasks in the sphere of defense capabilities without this component," Putin said at a news conference in Brazil, according to the Kremlin's website.

"We have no plans to renew the work of this base," he added.

Russian newspaper Kommersant reported that Russia would reopen the Lourdes base after both countries agreed "in principle," according to AFP. The paper cited "several sources within Russian authorities."

"The agreements were finalized while President Vladimir Putin visited Havana last Friday," the paper explained.

The Lourdes base, which was opened in 1964 (more than a year after the Cuban missile crisis), was closed in 2001, following U.S. complaints and to save money. AFP reports that up to 3,000 people could man the base and that its location 155 miles off the U.S. coast allowed it to spy on the United States. It was the Soviet Union's largest spy base abroad.

Russia has also forgiven 90 percent of Cuba's Soviet-era debt to Russia, an estimated $32 billion dollars, which The Guardian reported appears "to be tied to the agreement to reopen the base."

Russian military commentators praised the news of the reopening, according to The Guardian. Ruslan Pukhov, director of the Center for the Analysis of Strategies and Technologies, said the base still has military potential and would help Russia shake off its "strategic solitude" by allying with other nations. He added that the base could offset Russia's deficiency in spy satellites and spy ships.