MUSCAT: Economic relations between the Sultanate of Oman and the Russian Federation have gained notable momentum, underpinned by a sharp rise in bilateral trade and expanding sectoral cooperation. Trade exchange has accelerated significantly, with volumes quadrupling in the early months of 2026, while Russian exports to Oman have increased tenfold, signalling a rapidly evolving commercial partnership.
Maxim Reshetnikov, Minister of Economic Development of the Russian Federation, described Oman as one of Russia’s most promising partners in the Middle East, highlighting the growing complementarity between the two economies. He noted that Russian exports, particularly wheat and barley, are contributing to strengthening Oman’s food security, alongside a broader range of products that have enabled Russian firms to establish a stronger foothold in the Omani market.
At the same time, Russia continues to import chemical products and petroleum derivatives from Oman, while high-quality Omani perfumes are gaining traction among Russian consumers. Reshetnikov emphasised that Russia remains an attractive economic partner with a competitive and open economy, pointing to IMF data indicating that the country ranked fourth globally in 2025. Despite external challenges, Russia recorded GDP growth exceeding 10 per cent between 2023 and 2025, outperforming many G20 economies and reinforcing its position as a reliable partner for long-term cooperation.
He added that Oman has emerged as an important investment partner, with joint projects spanning logistics, finance, information technology and agriculture. Russia is also prioritising the development of its technology sector through a comprehensive support framework that includes startup grants, tax incentives, accessible financing and support for initial public offerings.
Energy remains a central pillar of cooperation, encompassing both hydrocarbons and renewables. Reshetnikov underscored Russia’s technical expertise in energy infrastructure development and modernisation, noting opportunities for collaboration as Oman advances solar, wind and green hydrogen projects. He pointed to the potential application of artificial intelligence in areas such as urban planning, water management and climate monitoring.
In food security, Russia aims to expand exports of grains, poultry and other food products, while strengthening ties in fisheries and fish processing. He also highlighted prospects for cooperation in education, with Russia offering internationally recognised programmes at comparatively lower cost, creating opportunities to attract more Omani students.
In healthcare, Russia is positioning itself as a partner in advanced treatment and medical research, with scope for joint centres and medical tourism initiatives. Tourism, meanwhile, is emerging as a key growth sector, supported by government plans to invest more than 450 billion rubles by 2030. The visa-free travel agreement introduced last July has already contributed to a 13 per cent rise in Russian visitors to Oman, while the number of Omani tourists travelling to Russia has doubled.
Cooperation is also expanding at the regional level, including the launch of direct flights between Muscat and Sochi and the promotion of tailored tourism offerings under the “Discover Russia” brand. Reshetnikov invited Omani investors to explore opportunities in Russia, citing an enabling business environment that includes long-term financing, concessional loans and infrastructure support, alongside ongoing reforms to streamline procedures, enhance transparency and support SMEs through digital platforms and special economic zones. — ONA
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