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UAE & Russia’s Trade Increases to $7 Billion in 3 Years

October 21, 2024
UAE & Russia's Trade Increases to $7 Billion in 3 Years
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During a meeting with Russian President Vladimir Putin, the President of the UAE, Sheikh Mohammed bin Zayed Al Nahyan, expressed optimism about the future of cooperation between the UAE and Russia.

This discussion was part of Sheikh Mohammed’s visit to Moscow, aimed at bolstering bilateral ties.

According to excerpts published by the Russian news agency TASS, Sheikh Mohammed stated, “You mentioned that trade between our countries has recently reached the level we had hoped for, but my visit to Russia proves that much more awaits us.”

Following his talks in Moscow, the UAE leader is set to travel to Kazan to participate in the BRICS summit.

This visit underscores the strengthening relationship between the UAE and Russia, highlighting significant potential for further collaboration in various sectors.

On his part, Putin highlighted that bilateral investments between Russia and the UAE reached $7 billion. 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.

A new mediation effort for a prisoner exchange between Russia and Ukraine marks continued efforts by the UAE to resolve the crisis and mitigate its humanitarian impact. This is the second mediation in about a month, the ninth this year, and the tenth since the war began in February 2022.

Through this mediation, a new prisoner exchange was completed, involving 190 prisoners equally shared between the two sides. This brings the total number of exchanged prisoners in nine mediations this year to 2,184, highlighting an unprecedented diplomatic and humanitarian achievement amid the ongoing conflict.

Tags: RussiaUAE
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