Saudi’s Kingdom Holding invested $500 million in Russian oil companies

Many Western nations have imposed sanctions on Russian energy firms and their executives following Russia’s invasion of Ukraine on Feb. 24.

The Kingdom Holding investments fall within the company’s 12.8 billion riyal ($3.4 billion) three-year investment program, the company added.

Kingdom Holding said it invested 1.37 billion riyals ($365 million) in Gazprom and 196 million riyals ($52 million) in Rosneft on Feb. 22, and 410 million riyals ($109 million) in Lukoil from Feb. 22 to March 22.

Kingdom Holding is mostly owned by Saudi Prince Alwaleed Bin Talal, but Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), took a 16.87% stake in the company in May.

Saudi Arabia and Russia lead the OPEC+ group, an alliance formed in 2017 between the Organization of the Petroleum Exporting Countries (OPEC) and allied producers.

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