Russia, Oman Push Trade, Tech Cooperation

Russia and Oman have intensified efforts to expand bilateral trade and deepen cooperation in technology-driven sectors during high-level economic talks, according to Russia’s Ministry of Economic Development.

During a working visit to Muscat, Russian Minister of Economic Development Maksim Reshetnikov met senior Omani officials, including Nasser bin Rashid Al Maawali from the Ministry of Economy and Munzir bin Hilal Al Busaidi from the Oman Vision 2040 implementation unit, to review economic ties and explore new areas of collaboration.

Officials reported a strong start to trade activity in 2026, with total bilateral turnover rising sharply to around $8.1 million, a fourfold increase compared with previous levels. The growth was driven largely by a surge in Russian exports, which increased nearly tenfold, supported by shipments of grain products such as wheat and meslin, alongside oil and refined petroleum supplies.

Both sides agreed on the importance of diversifying trade beyond commodities and strengthening cooperation across multiple sectors, including energy, industry, finance, banking, pharmaceuticals, tourism, and technical standards in the fuel and energy industries. Discussions also covered a potential investment protection agreement aimed at improving the business environment and encouraging cross-border capital flows.

Digital transformation emerged as a central pillar of future cooperation. Russia highlighted its expertise in information technology and cybersecurity as a foundation for joint projects in areas such as digital infrastructure protection, oil and gas sector modernization, smart city development, telecommunications, and education systems.