Prince Al Waleed’s investment firm, Kingdom Holding Co., bought depository receipts issued by Gazprom PSJC, Lukoil PJSC and Rosneft PJSC in February, according to a stock exchange filing. Russia invaded Ukraine on February 24.
No specific dates were given for the investment, and the Saudi company did not respond to questions about whether it still owns them. The value of all the aforementioned depository receipts fell rapidly after the outbreak of war, when trade in Moscow was suspended and Western sanctions were applied to Russia.
Prince Al Waleed, whose grandfather founded modern-day Saudi Arabia, is one of the richest people in the country and one of the most important international investors. He has recently ceded his position to the kingdom’s sovereign wealth fund, which is chaired by his cousin, the crown prince Mohammed bin Salman, and which acquired 16.9 percent in May. Kingdom Holding Co. shares.
The investments show how fragile Saudi Arabia’s relationship with Russia has been throughout the conflict, with many of its Gulf neighbors backing down.
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