Russia - Saudi Arabia: Mutual Trade and “Timely Alliance” in the Context of Global Transformations

In the context of growing global instability and the fundamental transformation of the global economic system, it is becoming increasingly urgent for the Russian Federation to diversify its foreign economic relations and strengthen its geopolitical position. One of the partners whose importance to Russia is growing today is the Kingdom of Saudi Arabia (KSA), which is also seeking to expand the scope of its international cooperation and stabilize domestic, regional and international processes. The objective of this study is to provide a comprehensive characterization of the trade and economic partnership between Russia and Saudi Arabia during the period 2010-2023. It is demonstrated that the Russian-Saudi partnership experienced a renaissance at this stage. Trade cooperation between the two countries has grown over the past decade, and dialogue in energy and other areas of economic and political cooperation has intensified. The regulatory framework for bilateral cooperation has been improved. Statistical methods have been used to identify the dynamics of mutual trade and the modern features of bilateral economic relations, including the high dependence of bilateral relations on the personal connections of senior management and external factors, the continued limited scope of cooperation with some growth in their areas, as well as the narrowness of the commodity range of mutual trade. Despite the progress recorded in Russian-Saudi relations during the period under study, the authors concluded that the level of these relations should not be overestimated, as their state can be defined as a “timely alliance.” Saudi Arabia, which has remained a strategic ally of the United States in the Persian Gulf for decades, is quite pragmatic and cautious about building relations with the Russian Federation. Bilateral relations continue to be influenced by both domestic, regional and global factors, as well as external actors. In particular, it is possible to impose secondary US sanctions on Saudi Arabia as a Russian trading partner. Therefore, according to the authors, the approach of the Russian Federation should be mirrored while also being more proactive in shaping goals and objectives that ensure national interests and appropriate political and economic actions.