Dating russian relation
After the summit, Salman and Putin signed a packet of documents on energy, trade, and defense, and agreed to several billion dollars’ worth of joint investment. (Turkey was the first.) The summit is just one more milestone in the recent trend of warming Russian-Saudi ties.
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Russia joined the World Trade Organization in 2012.At that time there were high expectations that trade with Russia would be liberalised.
Since 1997 the EU's political and economic relations with Russia have been based on a Partnership and Cooperation Agreement (PCA).The following month, Saudi Arabia’s sovereign wealth fund committed to invest $10 billion in Russia over five years, the largest-ever foreign direct investment in the country according to the Russian Direct Investment Fund.During a visit to Moscow this spring, meanwhile, Bin Salman said that “relations between Saudi Arabia and Russia are going through one of their best moments ever.” Given the two countries’ opposite orientations dating back to the Cold War, these recent developments are remarkable. What is certain, however, is that Russia’s new Saudi ties show Putin’s sway in the Middle East remains on the upswing.This Customs Union has become the Eurasian Economic Union (EEU) in 2015.Armenia and Kyrgyzstan joined the EEU the same year.President Vladimir Putin, who first invited the king to Moscow more than two years ago, hailed the visit as a “landmark event.” Billboards lined city streets welcoming the king in Arabic and Russian, and Kremlin spokesman Dmitry Peskov had strong words of praise for Saudi Arabia’s leadership.