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22 Feb, 2023 06:06

Russian trade with Gulf state hits record high – official

The growth comes despite increasing US pressure on Abu Dhabi to curb trade with Moscow
Russian trade with Gulf state hits record high – official

Russia’s trade turnover with the United Arab Emirates is expanding rapidly and reached all-time highs last year, Russian Deputy Prime Minister Denis Manturov, who serves as trade and industry minister, announced on Monday.  

Economic cooperation has grown despite Western sanctions against Moscow, with trade turnover surging by 68% to $9 billion in 2022, the minister told reporters on the sidelines of the international defense exhibition IDEX 2023 in Abu Dhabi.   

“The partnership between our countries is on the rise, and this positive trend is reflected in the statistics of Russian-UAE trade,” Manturov stated, adding that economic cooperation had reached new heights.   

He noted that the UAE has retained first place among Arab countries in terms of trade with Russia, with Moscow’s exports to Abu Dhabi jumping by 71% to $8.5 billion dollars. Imports increased by 6% to $500 million.   

The development comes as the US is stepping up pressure on the Gulf state to curb trade with Moscow.   

Earlier this month, the undersecretary for terrorism and financial intelligence at the US Treasury, Brian Nelson, met with UAE officials to discuss steps to clamp down on sanctions evasion, Bloomberg reported, citing sources.  

According to the outlet, Washington is concerned about Abu Dhabi’s deepening financial ties with Moscow as they hinder its efforts to isolate Russia.

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