This is the 40th most frequent Estonian word.
vene
"Vene" in Estonian means "Russian."
Here, 'vene' is an adjective describing the noun 'keel' (language), referring to its nationality and pointing out the 'Russian language'.
See on vene keel.
This is the Russian language.
In this sentence, 'vene' is again an adjective describing 'paat' (boat), indicating the nationality or origin of the boat.
Ma sõidan vene paadiga jõel.
I am rowing a Russian boat on the river.
Here, 'vene' modifies 'keelt' (language), serving the same purpose of denoting the language's nationality, while 'venelased' indicates 'Russians' (people).