On Monday, Russian Foreign Minister Sergey Lavrov pointed out that the turnover in trade between Russia and the nations of the Gulf Cooperation Council (GCC) was up 6% year over year. The GCC is an economic union which is made up of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.

The foreign minister noted that Russia and the GCC maintain “positive dynamics in mutual trade” despite “difficult geopolitical conditions.”

During a sixth round of discussions with the GCC representatives in Moscow, Lavrov said, “At the end of last year, trade turnover between Russia and [GCC] countries increased by more than 6% compared to the previous year and exceeded $11 billion. Of course, trade is not developing evenly with every country here, but the overall trends are positive.”

Pointing out that in 2011 the total turnover in trade between Russia and the GCC was only $3.7 billion, he praised the surging growth of bilateral trade over the 12 years of the cooperation format between Russia and the GCC.

The foreign minister made note of the fact that Russia and the GCC “have all the necessary mechanisms to successfully address the common challenges we face, to promote mutually beneficial partnership, and to put it on a systematic strategic basis.”

He added that Russia and the GCC are taking additional measures to enhance their economic relationship, including developing alternative payment systems which will allow them to settle trade obligations while bypassing the US dollar.

Lavrov also said that despite the difficulties Russia is enduring as a result of the Western sanctions on Russia which were imposed over the war in Ukraine, Russia stands ready to meet all demand for its products from its Arab partners, and will boost its exports if necessary.