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Russia, Saudi Arabia to ease visa requirements for business

According to Novak, trade turnover between the two countries is on the rise

MOSCOW, June 10. /TASS/. Russia and Saudi Arabia have agreed to ease visa requirements for businesses and simplify customs regulations, Russia’s Energy Minister Alexander Novak said at the meeting of the governmental commission on trade and economic cooperation between the two countries on Monday.

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Russian companies mulling various projects in Saudi Arabia

"We have agreed to improve regulatory framework lifting limitations for movement of our participants of the commercial relationship regarding visa requirements. The issue is also about other regulatory restrictions, about removing administrative barriers," he said.

According to Novak, trade turnover between the two countries is on the rise and already doubled in Q1 2019 year-on-year to $420.4 mln.

Gazprom, Gazprom Neft, Transneft and other Russian firms are interested in cooperation with Saudi companies, joint researches are being conducted between scientific organizations of the two countries, cooperation in the field of peaceful atom is being discussed as well.

The Russian-Saudi relationship in agriculture is also developing. Trade turnover in that segment has doubled over the past three years as it reached $500 mln by the end of 2018.

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Alexander Novak

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