February 20, 2018

Saudi Arabia agrees to buy Russian S-400 air defense system

06 October 2017, 12:26 | Rufus Hill

Saudi Arabia agrees to buy Russian S-400 air defense system

Saudi Arabia agrees to buy Russian S-400 air defense system

Russian Federation is also hoping that today's round of meetings will confirm closer cooperation between the two giant oil-producing nations, leading to a longer-term agreement to constrain production and prevent a further fall in oil price.

Russian president Vladimir Putin and Saudi Arabia's King Salman have opened talks in the first official visit of a Saudi monarch to Russia. Diplomatic relations were restored in 1992, after a five-decade hiatus, but Riyadh and Moscow found little common ground.

Saudi king at airport, Russian Deputy Prime Minister Dimitriy Rogozin and Russian Foreign Minister Mikhail Bogdanov welcomed. According to the expert, the first ever visit of King Salman bin Abdulaziz al-Saud to Moscow is likely to strengthen Russo-Saudi ties.

Russian Energy Minister Alexander Novak said on Wednesday Russia and Saudi Arabia would sign joint investment agreements worth more than $3 billion during the visit.

Last year's joint decision by Russian Federation and OPEC to restrict oil production in a bid to support oil prices was a significant step toward closer ties, CNBC says. New York, London and Hong Kong are the main contenders. Although, the price of oil remains below the $60 per barrel OPEC producers are said to be targeting as a sustainable level. "We have more than 100% average compliance", Zanganeh told reporters on Wednesday ahead of the Gas Exporting Countries Forum ministerial meeting in Moscow, Platts reported. "Both countries now see political and economic advantages from a closer, albeit pragmatic, relationship".

This leaves Moscow aligned with Saudi Arabia's arch-rival Iran, whose influence Riyadh fears is growing in the region.

However, the agenda also included issues on which the two sides deeply differ, including the war in Syria. Other issues of mutual interest include the crisis with Qatar, where Russian Federation had offered to mediate, the latest Kurdistan referendum and the Middle East peace process.

"Regarding bilateral relations, you can judge for yourself. Now after the United States began working more closely with Israel, Saudi Arabia has started expanding its worldwide ties".

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