Saudi Arabia’s Kingdom Holding invests in Russian energy companies

(Reuters) – Saudi Arabia’s Kingdom Holding invested in Russian vitality teams Gazprom, Rosneft and Lukoil between Feb. 22 and March 22, it stated on Twitter on Sunday.

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

The Kingdom Holding investments fall throughout the firm’s 12.8 billion riyal ($3.4 billion) three-year funding programme, the corporate added.

Kingdom Holding stated it invested 1.37 billion riyals in Gazprom and 196 million riyals in Rosneft on Feb. 22, and 410 million riyals in Lukoil from Feb. 22 to March 22.

Kingdom Holding is generally owned by Saudi Prince Alwaleed Bin Talal, however Saudi Arabia’s sovereign wealth fund, the Public Funding Fund (PIF), took a 16.87% stake within the firm in Might.

Saudi Arabia and Russia lead the OPEC+ group, an alliance fashioned in 2017 between the Group of the Petroleum Exporting Nations(OPEC)and allied producers.

($1 = 3.7540 riyals)

(Reporting by Nayera Abdallah; Enhancing by David Goodman and Hugh Lawson)