Rostec CEO Sergei Chemezov said negotiations are under way between Saudi Arabia and Russia over the sale of the S-400 air defence system and Su-35 jets.
Saudi Arabia, which is working to produce 50% of its defence equipment by 2030, plan to transfer technology with Russia for local production of the S-400 missile system.
The agreement signed between Russia and Saudi Arabia in October 2017 included the sale and production of Kornet-EM system, TOS-1A, thermobaric weapons mounted on the T-72 tank chassis and Kalashnikov AK-103 weapons.
Former US President Donald Trump has approved the sale of the Terminal High Altitude Area Defence (THAAD) system to Saudi Arabia, seen as a competitor to the S-400. 46th President Joe Biden announced a freeze on arms sales to Saudi Arabia.
U.S. allies Qatar and India are also among the countries considering and supplying the S-400.