The head of Russia's $10 billion investment fund has nothing but praise for Saudi Arabia, citing economic diplomacy as the catalyst for improved relations between the two countries.
"We're at the breaking point in positive territory of this relationship … We really embarked on an amazing positive journey," Kirill Dmitriev, the chief executive of the Russian Direct Investment Fund (RDIF), told CNBC at the Munich Security Conference on Saturday.
Dmitriev, who took up his position in 2011 to improve investment flows and foreign investor confidence in the Russian economy, pointed to the Russia-OPEC deal to cut oil production as a major benchmark in his country's relationship with the Saudi Kingdom.
"Now we have a great, positive energy deal that stabilized oil prices, and it's good for producers, consumers, good for our economies ... We have done a number of investments together, and we are pursuing better a political relationship because of this economic diplomacy."
Saudi's King Salman was the first Saudi monarch to visit Russia in a historic trip last October, which saw the two countries sign major arms deals.