Russia, Saudi Arabia intend to raise the volume of trade exchange to $5 billion

The Russian ambassador to Riyadh, Sergey Kozlov, announced that there are preconditions for the growth of trade between Russia and Saudi Arabia to $5 billion.

he declared that the two parties intend to reach $5 billion in trading between them.

According to Kozlov, the bilateral trade and economic relations are   positive dynamics despite the slight decrease in the value of Russian-Saudi trade

“he said ,nevertheless, its size of $1.6 billion is quite large. In our opinion, there are good conditions for further growth in 2023,” .

Moreover, the Russian and Saudi sides intend to reach $5 billion in the foreseeable future.

He pointed out that Moscow considers Riyadh a promising trade and economic partner whose role in global and regional affairs is steadily growing.

The Russian ambassador also drew attention to the fact that relations between Moscow and Riyadh could reach the level of strategic partnership.

He pointed out that the political relations between the two countries in recent years have a steady trend towards gradual development.

He stressed that the basis for that development is a common or simultaneous approach to most international and regional issues.

The Soviet Union was the first non-Arab country to recognize Saudi Arabia a in February 1926.

In 1930, Russia transformed Soviet consulate in Jeddah   into an embassy.

On September 17, 1990, a joint statement was issued announcing the resumption of diplomatic relations between Saudi Arabia and Russia.