Riyadh is not going to pick sides between Moscow and Kiev, the Saudi economy minister says
Saudi Arabia will maintain its extensive trade relations with both Ukraine and Russia, Economy and Planning Minister Faisal Al-Ibrahim said on Tuesday on the sidelines of the World Economic Forum in Davos.
Speaking to Japan’s Nikkei newspaper, the minister said Western sanctions against Russia are “unilateral” and will remain as such.
Al-Ibrahim also praised Moscow’s role in the OPEC+ format, which unites major oil exporters.
The minister explained that Riyadh does not plan to increase oil output in order to lower prices, explaining that his country is currently focused on supply stability rather than more volume. He argued that the situation on international energy markets would be “much worse” if not for OPEC’s efforts.
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