Saudi Arabia’s planned oil production hike may not break Russia’s petro-export-fueled economy, but escalations between Israel and Iran could be a gold rush for Moscow. Since late 2022, the OPEC oil cartel, of which Russia is a member, has withheld oil production and exports to prevent a surplus
Russia is greatly reliant on oil and gas exports, which have represented almost one-third of the country's total federal revenue in 2023 and 42% in 2022. Fossil fuel profits thus play a key role in funding Russia's expensive war machine in Ukraine.
Saudi officials reportedly made "veiled threats" to Group of Seven (G7) nations hinting that the kingdom would sell some European debt holdings if Western allies seized about $300 billion in frozen Russian assets, Bloomberg reported on July 9, citing its sources.
President Volodymyr Zelensky announced on social media on the evening of June 12 that he had arrived in Saudi Arabia on a previously unannounced visit.
Saudi Arabia does not plan to be present at the Global Peace Summit to support Ukraine because Russia will not be there, German news agency DPA reported on June 2, citing diplomatic sources.
The Ukrainian president will meet Crown Prince Mohammed bin Salman, the monarchy's de facto ruler, and other senior officials during the visit to the port city of Jeddah, the source said.
President Volodymyr Zelensky and Saudi Crown Prince Mohammed bin Salman held a meeting during Zelensky's visit to Saudi Arabia where they discussed the implementation of Ukraine's peace formula, among other topics, the Presidential Office reported on Feb. 27.
President Volodymyr Zelensky arrived in Saudi Arabia on Feb. 27 for talks with Saudi Crown Prince Mohammed bin Salman, Zelensky announced on social media.
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