Trade relations between BRICS counterparts Russia and Saudi Arabia have significantly increased since 2021. Russian President Vladimir Putin visited His Royal Highness Prince Mohammed bin Salman (MBS) at the at Al-Yamamah Palace in Riyadh on Wednesday.
The pair held discussions on various topics, from trade and investment to conflicts like violence in Palestine and Ukraine.
The economic, trade, and investment fronts emerged as key focus areas, with both sides commending the remarkable 46% increase in bilateral trade volume in 2022 compared to the previous year.
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Oil and energy
Both nations expressed their commitment to intensifying collaboration in the energy sector, emphasising sustaining the successful efforts of OPEC+ in stabilising global oil markets.
The 8th session of the Saudi-Russian Joint Committee, held in October 2023 in Moscow, was hailed as a success, opening new avenues for cooperation.
A joint commitment to enhancing cooperation in various fields, including oil and gas, geoscientific studies, environment, water, agriculture, digital economy, innovation, transportation, and logistics, was underscored.
The leaders also recognised the significance of bolstering defence cooperation and security coordination to address common challenges, including combating crimes, terrorism, and extremism.
Both nations pledged to strengthen collaboration in international organisations, addressing economic challenges globally. In discussions on international affairs, the leaders exchanged views on regional issues, expressing concern over the humanitarian situation in Gaza and advocating for a two-state solution in Palestine.
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Wars and conflicts
On the Ukraine crisis, President Putin said he appreciated the Crown Prince’s efforts, including releasing prisoners.
At the same time, both sides affirmed support for a comprehensive political solution in Yemen. The resumption of diplomatic ties between Saudi Arabia and Iran was welcomed, with an emphasis on Iran’s commitment to a peaceful nuclear program.
The leaders commended the Arab League’s decision to resume the participation of Syrian Government delegations in its meetings, expressing hope for stability and the voluntary return of Syrian refugees.
The importance of building on the Jeddah Declaration to end the conflict in Sudan was stressed, with both sides applauding progress in the second round of Jeddah talks.
As President Putin concluded his visit, mutual appreciation and warm wishes were exchanged. The visit stands as a testament to the commitment of Saudi Arabia and Russia to furthering cooperation and promoting stability in the region and beyond.
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