Russian and Saudi officials are expected to meet later this year to forge a range of commercial cooperation agreements in the oil, gas and power sectors.

Improving access to letters of credit (L/Cs) that would foster and facilitate trade in these sectors is on the officials' agenda.

Trade and investment

Meetings scheduled for October will look for ways to remove obstacles to bilateral trade and investment, including double taxation and a lack of direct shipping arrangements.

Officials will also look to identify banks able to provide L/C and other trade finance services according to vice-chairman of the Saudi-Russian committee, Abdulaziz al-Karidis.

He told Saudi media that as well as strengthening trade and investment links, officials want to promote exchange of expertise between the two countries.

Closer cooperation

Bilateral trade between these two major economies is around US$1 billion annually.

Karidis said he hoped closer cooperation between Riyadh and Moscow would boost both countries' standing in several international contexts and provide an opportunity for them to work together on matters concerning oil prices.

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