The Middle East vector

Only a few years ago, Russia-Saudi relations in the public sphere were associated above all with the energy agenda and the OPEC+ format (OPEC+, the alliance of OPEC members and ten additional oil-producing countries including Russia, formed in 2016 to coordinate production policy). Today a comprehensive system of trade and business ties is taking shape between Moscow and Riyadh.

One of the key platforms where this turn is becoming most visible is the St. Petersburg International Economic Forum (SPIEF). It is here that Russia’s new Middle Eastern economic vector is emerging with increasing clarity. In 2026 Saudi Arabia will be the forum’s guest country, and the Kingdom’s national pavilion will serve as a platform for showcasing its potential. Against this backdrop Riyadh is confidently becoming one of Russia’s most important trade and investment partners.

Preparations for the expansion of Russia-Saudi dialogue are already underway in St. Petersburg. On 3 June, on the eve of SPIEF, a session of the Russia-Saudi Business Council (RSBS — Rossiysko-Saudovsky Delovoy Sovet, the permanent Russia-Saudi business forum established in 2005) will take place. The central agenda items are the promotion of mutual tourism and investment cooperation between Russia and the Kingdom of Saudi Arabia (KSA). But the meeting itself is only part of a broader restructuring of bilateral relations.

The Russia-Saudi Business Council was established in 2005 as a permanent platform for contacts between the two countries. Its co-chairman since foundation has been Vladimir Yevtushenkov (founder of AFK Sistema, one of Russia’s largest diversified holding companies). Over the years dozens of business trips, negotiations, meetings, and joint initiatives aimed at developing Moscow-Riyadh relations have taken place with the Council’s involvement.

Gradually this platform moved beyond simple networking. It became a stable channel of economic diplomacy — in effect one of the first systematic platforms through which Russia began building a long-term presence in the Saudi market, well before the region became one of the key centres of global transformation.

Today the Council’s role extends far beyond that of a classic business association. It functions not only as a business grouping but as a mechanism for continuous professional cooperation between companies, the expert community, and government structures on both sides. The Council also participates in preparing proposals for the intergovernmental commission on trade, economic, and scientific-technical contacts, co-chaired by Alexander Novak (Russia's Deputy Prime Minister responsible for energy) and Prince Abdulaziz bin Salman (Saudi Arabia’s Minister of Energy).

For many years bilateral ties were perceived almost exclusively through the lens of energy. Today, however, the structure of the business agenda is changing noticeably — and this shift is becoming increasingly systemic. Non-commodity directions are gradually moving to the fore.

This transformation is most clearly traceable through the Council’s practical activity. In recent years Russia’s largest companies from the most varied sectors have participated in the Council’s work: AFK Sistema, MTS, Rostelecom, VTB, Sber, Segezha Group, the Element Group (a Russian microelectronics holding), Sitronics, VisionLabs (a Russian facial recognition and computer vision company), Binnopharm Group, Cosmos Hotel Group, Kaspersky, and others.

Russian companies' interest in the Saudi market as one of the region’s new centres of economic growth is rising. Saudi Arabia is actively diversifying its own development model — through Vision 2030, the Kingdom’s ambitious reform programme — creating new opportunities for international business.

A forum of particular significance for the bilateral agenda took place on 1 December 2025 in Riyadh, within the framework of the ninth session of the Intergovernmental Commission. The capital of the Kingdom hosted a large-scale Russia-Saudi Business Forum bringing together business representatives, government officials, and development institutions from both countries. On its sidelines a session of the RSBS was held, meetings and Russian company presentations were organised, and memoranda were signed.

This forum became one of the key points at which relations between Moscow and Riyadh were relaunched, with discussions moving well beyond sector-specific initiatives and acquiring a more systemic character. Among the most notable results was the agreement on the abolition of the visa regime between Russia and Saudi Arabia, which entered into force on 11 May 2026.

Until recently tourism occupied a largely auxiliary position in the Russia-Saudi agenda. Today it is increasingly emerging as a standalone direction. This shift in emphasis is naturally reflected in the RSBS’s work: the 3 June session in St. Petersburg will be dedicated specifically to mutual tourist exchange.

Additional momentum came from several directions simultaneously — from the abolition of the visa regime to the launch of direct air links. Since August 2025 Flynas (Saudi Arabia’s largest low-cost carrier) has operated direct flights between Riyadh and Moscow, and in October it was joined by Saudia (the flag carrier of Saudi Arabia, also known as Saudi Arabian Airlines). In 2026 the route network is expected to continue expanding.

The tourist dialogue itself entered a new phase. In autumn 2025 a large-scale Russian road-show was held in Riyadh and Jeddah, organised by the tour operator Svoy-TS together with the digital platform Visit Russia and Flynas. Participants included representatives of the Russian Union of Travel Industry (RST), tour operators, hotel chains, airports, and Russia’s largest tourist destinations — from Sochi and Rosa Khutor to the leading hotels of Moscow and St. Petersburg.

A special role in this strategy is played by the civic project Visit Russia — a digital platform for foreign tourists initiated by the RST. The service combines one-stop-shop travel tools: booking flights and hotels, entry requirement information, insurance and e-visa processing. An important part of the project is an AI module that helps foreign travellers navigate Russia in dozens of languages.

As a result, tourism is ceasing to be purely a sectoral topic and becoming one of the points of humanitarian rapprochement where more durable human and cultural bonds are formed.

Against this backdrop the St. Petersburg International Economic Forum acquires special significance. SPIEF has in recent years gradually moved beyond being a purely Russian business platform. Today it is a space where a new configuration of international ties is taking shape, with Middle Eastern and Global South countries becoming full-fledged participants in the world economic system.

The Russia-Saudi dialogue fits naturally into the forum’s architecture. The RSBS regularly proposes initiatives for international platforms, including SPIEF. The 3 June session is part of this preparation — connecting the current contact agenda with the forthcoming discussions of the 2026 forum.

For Russian business SPIEF remains the point of access to new markets and the search for partners beyond the familiar geography. For the KSA it is an opportunity to consolidate and expand its presence in the Russian economy, building direct contacts with companies and development institutions.

The centre of gravity of Russia-Saudi relations is shifting from formal inter-state ties toward direct business participation. Joint company initiatives and practical projects are increasingly defining the actual content of the two countries' economic interaction.

The RSBS serves as the connecting link between business, the expert community, and state institutions. Russian business interest in Saudi Arabia continues to grow: companies seek consultations, search for partners, and build long-term projects with the support of the RSBS and Russian trade missions in the Kingdom.

The KSA for its part is broadening its engagement with Russia, moving beyond individual sectors and one-off agreements. As a result, the bilateral architecture is becoming more resilient and multi-layered — where investment, technology, infrastructure projects, and humanitarian contacts interweave.

The forthcoming RSBS session in St. Petersburg confirms that this process has consolidated into a long-term model of partnership.