Saudi king's "landmark" Russian Federation visit sees deals worth 2.1 bln Dollars signed

Share

Russian President Vladimir Putin staged a lavish welcome for Saudi Arabia's King Salman on Thursday, cementing a relationship that could have long-lasting effects on the global oil market.

Novak said the two countries' business circles maintain intensive dialogue, and he pointed out that the Saudi delegation to Moscow included 85 chief executives of major Saudi companies. During Cold War times, the Saudis helped arm Afghan rebels fighting against the Soviet invasion.

Putin also insisted that Iran is complying with a nuclear agreement the U.S., Russian Federation and other world powers agreed to in 2015 - Trump may decertify the Iran deal - and warned that Trump's fiery rhetoric toward North Korea is leading to a "very risky end".

Salman took the opportunity Thursday to address these issue, blasting Iran for its interference in regional affairs.

Before the visit, Russian Foreign Minister Sergei Lavrov described the event as "an historical moment".

They underlined the need for a peaceful solution to the conflicts in the region, he told a joint news briefing with his Saudi counterpart Jubeir after the two leaders met.

He further emphasized the importance of preserving the unity of Iraq and the integrity of its internal front.

After protest, Rahul allowed to visit Amethi
The Rajasthan Congress chief answered, "It is not a question of making way; it is a question of working together". He was stopped just once and there was much hue and cry", AICC spokesman Abhishek Singhvi said.

Military technical cooperation between Russian Federation and Saudi Arabia is not directed against other countries, and concerns are baseless in this regard, the Kremlin affirmed.

Saudi Arabia signed preliminary agreements to buy Russia's S-400 air defence systems and anti-tank guided missile systems and receive "cutting edge technologies", said the Sunni state's military firm, Saudi Arabian Military Industries. From January to June this year, bilateral trade decreased under 16.5 million dollars, according to the Kremlin.

Oil prices rose more than 2 percent on Thursday as signs Saudi Arabia and Russian Federation would limit production through next year outweighed record US exports and the return of production at a major Libyan oilfield.

But prices are still half their mid-2014 levels.

Despite regional disagreements, Russian Federation and Saudi Arabia found common ground on energy policy in November, when they worked together to secure a deal between OPEC and other oil producers to cut production in an effort to drive up oil prices.

On Wednesday, Mr Putin said a global deal to cut oil production in order to raise prices could be extended to the end of next year.

Share