Rouble up vs dollar for third day, Moscow oil meetings watched

Addressing regional affairs, King Salman told Putin that Iran must stop meddling in Middle Eastern conflicts.

Photos show Putin personally pour a cup of tea for his royal guest at the Kremlin Palace.

Sergey Lavrov, the Russian foreign minister, hailed King Salman's visit as marking a new level in Russian-Saudi ties.

The deal was reportedly reached on the sidelines of the visit by Saudi King Salman bin Abdulaziz Al Saud to Moscow.

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Along with the S-400 anti-aircraft missiles, Saudi Arabia is also set to buy Kornet anti-tank guided missile systems and multiple rocket launchers under the deal.

However, any discord was eclipsed by mutual expressions of respect, and the pomp and ceremony Russian officials put on to greet the Saudi king. We intend to develop bilateral relations for development of global economy with peace and security.

King Selman's meetings in Moscow include energy market, Middle East, civil war in Syria and Iran.

For his part, Jubeir said that "we believe that new horizons have opened up for the development of our relations that we could not previously have imagined".

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"The visit is just the latest sign of increasingly cordial relations and closer economic and political ties between the two oil giants", reports CNBC.

By contrast, Saudi Arabia has been supporting the rebel groups seeking to topple Assad.

Saudi Arabia and Russian Federation helped secure a deal between the Organization of the Petroleum Exporting Countries and 10 rival suppliers to cut output from January this year until the end of March 2018 in an effort to reduce a supply glut on world markets and prop up prices. The Riyadh Administration, which is converging on Russian Federation, aims to diversify its diplomatic relations and reduce dependence on United States, while key players in region develop strong partnerships with Turkey and Iran, a challenging process to conduct Moscow with Saudi Arabia Waiting.

Saudi Arabia is now investing over $1 billion in over 20 Russian projects including the construction of a petrochemical complex and Pulkovo Airport in St Petersburg, Russian Energy Minister and co-chairman of the Russian-Saudi Intergovernmental Commission Alexander Novak said. The king is staying at Four Seasons and has also brought his own furniture along for the trip which has already led to a weapons deal.

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"It's clear that Russian Federation has been able to play a weak hand very well and step into vacuums everywhere where the US has retreated", she said.

  • Ryan Wade