Russia and Oman trade hits 10-year high at $1.5 billion

MOSCOW, Russia / RankWire.AI / – Bilateral trade between Russia and Oman reached $1.5 billion in the first seven months of 2026, its highest level in a decade, according to Sergei Shoigu. The Secretary of Russia's Security Council said trade had increased 22-fold over the period. He spoke on Tuesday, October 20, at talks in Moscow with Idris Al-Kindi, Secretary General of Oman's National Security Council. Interfax news agency reported the figures. Containers mark Oman-Russia trade ties. (AI-generated image) Shoigu said both countries had every opportunity to build on the positive momentum and set new records in bilateral trade. The growth follows a steady expansion that began in 2020. Trade rose 62.3% in the four years to 2024, and the upward trend continued through 2025 and into 2026. No further details of the security talks between Shoigu and Al-Kindi were reported. Russian Economic Development Minister Maxim Reshetnikov said in April that bilateral trade had quadrupled in the early months of 2026. He added that Russian exports to Oman had grown tenfold. Russian investment in Oman's energy, logistics and food security sectors has supported the growth. Business ties are also expanding through the Oman Chamber of Commerce and Industry, Roscongress and the Oman-Russia Business Council. Meat and grain shipments expand ties The trade mix now goes well beyond oil and gas, covering agriculture, metals, petrochemicals, machinery, IT services, maritime logistics and food commodities. Russia began its first large shipments of refrigerated meat to Oman in 2025. Rising incomes and population growth are lifting Omani demand for meat, especially poultry. Poultry consumption in Oman is projected at 102,000 metric tonnes in 2026, and major Russian producers plan to strengthen their presence in the market. Oman aims for 70% food self-sufficiency, and its agriculture market is projected to be worth $2.86 billion by 2030. Russia, a leading exporter of grain, poultry and processed foods, is well placed to supply that demand. In energy, the two sides see room for cooperation in liquefied natural gas, petrochemicals and oil-field services. Oman's green hydrogen plans could also draw Russian expertise in ammonia production. The sultanate's foreign trade totalled 40.4 billion rials in 2025. Muscat emerges as a hub for Russian firms Moscow sees Oman as the southern gateway of the International North-South Transport Corridor, which connects Russia with Iran, Central Asia, India, the Gulf and East Africa. Deputy Prime Minister Marat Khusnullin has called the link between Russian and Omani ports highly promising for the route. He has also highlighted Oman's location for reaching other Middle Eastern markets and Africa. More than 30 ships previously registered to Russian companies, including Sovcomflot and FESCO, have re-flagged to Oman. A growing number of Russian businesses are registering subsidiaries in Oman, attracted by simplified corporate rules and special economic zones. The ports of Salalah, Duqm, Sohar and Muscat provide competitive infrastructure. A visa-free regime introduced in July 2025 has also eased travel between the two countries. Oman's economic reforms under Oman Vision 2040 continue to attract foreign companies. Shoigu said the two sides could reach new records in bilateral trade.