Russian President Vladimir Putin said Sunday that Russia will work with Saudi Arabia and other Arab nations to counter recent instability in the oil markets caused by attacks on energy sites in the Middle East.

"UAE-Russia relations are historic and based on ties of friendship, cooperation and respect for common interests. These relations are now further developing across all levels, a reflection of the leaderships keenness to enhance continuous cooperation,"

Abdullah Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade Affairs, said that the value of non-oil trade between the UAE and Russia over the past five years amounted to US$14.1 billion, while last year’s non-oil trade totalled $3.4 billion, compared to $2.5 billion in 2017, a growth of 36 percent.

The proposed legislation would also impose sanctions on any military transactions with Turkey, set sanctions on anyone who supports Turkey’s domestic energy industry for use by its armed forces, prohibit the sale of U.S. defense articles to the Turkey armed forces and define Turkey’s purchase of Russia’s S-400 missile defense system as “significant” and subject to sanctions.

During the visit, 15 agreements in the fields of nuclear power, oil and environment will be signed to develop co-operation and a comprehensive strategic partnership, as well as opening new horizons for joint action in various sectors.

Treasury and Finance Minister Berat Albayrak and his Russian counterpart Anton Siluanov signed an agreement last week on using national currencies in payments and settlements between the two countries, the Russian finance ministry said Tuesday.

Rusatom Overseas JSC and The Department of Energy of the Republic of Philippines and signed Memorandum of Intent on cooperation in the sphere of small modular reactors.

"We are going to be signing more than 10 new investment agreements between Russia and Saudi Arabia."

“What matters is supply predictability and reliability. We have a business-like approach with our energy partners in Europe and the rest of the world, of a commercial nature with no political reasoning,” Putin added.

Ukraine moves Russian oil to Slovakia, Hungary and the Czech Republic. The oil transit capacity of Ukraine's section of the Druzhba pipeline is about 25 million mt/year (500,000 b/d).