Saudi Arabia and Russia are the leaders of the OPEC+ group, an alliance formed in 2017 between the Organization of the Petroleum Exporting Countries (OPEC) and allied producers.
Saudi investment firm Kingdom Holding, controlled by Prince Al Walid bin Talal, quietly invested more than $500 million in three major Russian energy companies between February and March, documents show regulations.
In February, Kingdom Holding, which is 16.9% owned by the Sovereign Wealth Fund of Saudi Arabia chaired by Crown Prince Mohammed bin Salman, invested in Gazprom and Roseneft’s international certificates of deposit worth 1.37 billion riyals ($357). .85 million euros) or 196 million rials. The company invested 410 million riyals in Lukoil’s U.S. certificates of deposit between February and March, according to financial documents filed Sunday.
Kingdom Holding hadn’t revealed details about the investments, but the company was probably on the lookout for undervalued assets as many western countries imposed sanctions on Russian companies. Al Walid bin Talal’s investment style focuses on new opportunities that can be lucrative but come with risks, as well as seeking undervalued assets, a source familiar with Kingdom Holding’s affairs said in June.
Saudi Arabia and other Gulf states have so far claimed they are trying to adopt a neutral stance on the war in Ukraine, frustrating some Western officials in their attempt to economically isolate Russia after its invasion of Ukraine in February.