Russia-UAE trade triples over past 3 years, Putin announces
Russia's President Vladimir Putin (R) shakes hands with UAE President Sheikh Mohamed bin Zayed bin Sultan al-Nahyan (L) at the Novo-Ogaryovo state residence outside Moscow on October 20, 2024. (AFP Photo)
Trade between Russia and the United Arab Emirates (UAE) has tripled over the past three years, Russian President Vladimir Putin announced during a meeting with UAE ruler Sheikh Mohammed Bin Zayed Al Nahyan in Moscow on Monday.
The leaders met ahead of official talks to discuss trade relations and geopolitical issues, including the Ukraine conflict and Middle Eastern tensions.
Bilateral investments reach $7 billion
Putin highlighted that bilateral investments between Russia and the UAE have now reached $7 billion, according to remarks published on the Kremlin’s website. However, trade saw a slight decline during the first seven months of this year, a topic the leaders will address in their negotiations.
The surge in trade between the two nations comes despite global economic challenges and political tensions, particularly in the wake of Russia’s invasion of Ukraine. Sheikh Mohammed reaffirmed the UAE’s commitment to deepening ties with Russia, signaling a continued strengthening of economic and diplomatic relations.
Talks to address Ukraine and Middle East issues
In addition to trade, the two leaders plan to discuss the situation in Ukraine and the complicated geopolitical landscape in the Middle East. Putin expressed gratitude to Sheikh Mohammed for the UAE’s role in mediating a prisoner exchange between Russia and Ukraine, underscoring the UAE’s involvement in broader diplomatic efforts.
UAE to participate in BRICS summit
Following the talks in Moscow, Sheikh Mohammed is expected to attend the BRICS summit set to begin on Tuesday in Kazan, Russia. The UAE’s participation in this summit highlights its growing influence in global economic and political forums, as well as its expanding bilateral ties with Russia.
