Saudi Arabia's Public Investment Fund, the kingdom's sovereign wealth fund, announced in 2015 plans to invest $10 billion in Russian Federation over the next five years, though only a fraction of that has so far been put up.
Along with S-400 anti-aircraft missiles, Saudi Arabia is also set to buy Kornet anti-tank guided missile systems and multiple rocket launchers.
Salman, the first sitting Saudi monarch ever to visit Russia, led a delegation to Moscow bringing with him investment deals worth several billion dollars, providing much-needed investment for a Russian economy battered by low oil prices and Western sanctions.
But the two sides have made a decision to end their animus, and in a round of meetings will sign commercial deals, coordinate on oil prices, and discuss a potential peace settlement in Syria, including the future role of Iran, now that it seems clear that President Bashar-al Assad is not going to be deposed. Mr Putin sent in Russia's military to prop up Bashar Al Assad, the Syrian leader, in 2015, while the Saudis are financing rebel groups.
"The sides will also touch upon issues of bilateral cooperation in trade, economy, industry, energy, agriculture and other areas, consider implementation of major joint infrastructure projects", according to the press service of the Russian government.
Russian Energy Minister Aleksander Novak announced that total value of agreements to be signed during visit will be $3 billion. Mr Putin has said the zones are vital for ending the conflict.
The foreign minister of the Kingdom of Saudi Arabia confirmed that the Kingdom supports the efforts of the UN envoy to Yemen to find a solution based on the GCC initiative, the Yemeni national dialogue outcomes and the UN Security council resolution 2216.
Peskov who revealed that Russian state-funded RT television network and Sputnik news agency had come under "unprecedented pressure" in the U.S stated that Moscow could respond quid pro quo should such restrictions be carried out again.
Russian analysts say that King Salman is seeking to diversify Saudi alliances because of uncertainty over Donald Trump's Middle East polices.
But prices are still half their mid-2014 levels. On Wednesday Putin said an extension of the OPEC deal was possible and could last "at least to the end of 2018". It was subsequently extended through March 2018.