The leak reveals that Saudi Arabia agreed to pay Russia over 2 billion euros under a contract signed in 2021 involving companies that were repeatedly sanctioned, both before and after Russia’s full-scale invasion of Ukraine.

Russia has been exporting arms to countries including Saudi Arabia, bolstering its economy after a barrage of sanctions followed its full-scale invasion of Ukraine in 2022.

U.S. President Donald Trump has hinted that his first international visit could be to Saudi Arabia, contingent on securing a substantial trade deal worth up to $600 billion. Speaking to reporters, Trump emphasised the potential for Saudi Arabia to influence the ongoing Russia-Ukraine war by increasing oil production,

Saudi Arabia was the first foreign country that Trump visited during his first term.

In fact, the Saudi Press Agency’s announcement that the kingdom would invest $600bn was based on the royal palace’s readout of a Wednesday phone call between Trump and Saudi Crown Prince Mohammed bin Salman. This is Trump’s first phone call with a foreign leader since his inauguration earlier this week.

President Donald Trump doubled down on ending the war in Ukraine during his speech at Davos a day after threatening Russia and Putin with tariffs and sanctions.

Addressing executives at the World Economic Forum in Davos, Trump minced no words as he accused the Saudis and OPEC of sustaining Russia’s military offensive in Ukraine by maintaining high oil prices.

Trump also said he would like to meet Russian President Vladimir Putin to negotiate an end to the war, citing loss of life as a major concern. He claimed his administration had done more in four days than the previous regimes did in four years.

Saudi Foreign Minister Prince Faisal bin Farhan said on Friday from Damascus that his country was engaged in an active dialogue with Europe and the U.S. to help lift economic sanctions imposed on Syria.

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China's crude oil imports from Russia increased by 1% in 2024, setting a new record compared with 2023. The rise in imports reflects China's preference for discounted Russian supplies amid weakened refining margins, reported Reuters.