Saudi Arabia wants to improve its ties with Russia, a country the kingdom sees as a "great power," Saudi Foreign Minister Adel al-Jubeir said.
"With regards to our relationship with Russia, we believe that the extent of trade we have with Russia is not in line with the size of our respective economies. We are both members of the G20 but we have very little trade, very little investment and so we wanted to change that," the minister told CNBC on Tuesday.
He underscored that Riyadh would take a pragmatic approach to investing in Russia.
If Saudi Arabia finds investments that are profitable, it will invest, the minister said.
Russia has offered its mediation to help resolve the conflict. However, the minister said Riyadh did not need help.
"When it comes to mediation, we don't need mediation," al-Jubeir said.
According to him, Iran should change its stance and express its willingness to normalize ties with Saudi Arabia, and then Riyadh will do the same.