Saudi Arabian Prince Al Waleed bin Talal Al Saud’s Kingdom Holding Company invested over $500 million in depository receipts of Russia’s energy giants, including Gazprom, Rosneft and Lukoil, in the spring of 2022, according to information released by the firm on Sunday.
As follows from the company’s tweet, in February, it invested 1.37 billion Saudi riyals ($365 million) in Gazprom’s American depository receipts and around 196 million riyals in Rosneft’s global receipts. The Kingdom Holding Company also invested roughly 410 million riyals in American depository receipts of Lukoil from February to March.
The investments were made amid the beginning of Russia’s military operation in Ukraine on February 24 and Western condemnation followed by the introduction of sanctions against Moscow. Riyadh has repeatedly announced its intention to continue partnership with Moscow in the OPEC+ format despite Western pressure and EU plans to ban Russian oil.