Saudi Arabia’s Kingdom Holding invested in Russian energy groups Gazprom, Rosneft and Lukoil between February 22 and March 22, according to Twitter on Sunday.
Many Western countries have imposed sanctions against Russian energy companies and their executives following Russia’s February 24 invasion of Ukraine.
Kingdom Holding’s investment is part of the company’s three-year investment program of 12.8 billion riyals ($3.4 billion), the company added.
Kingdom Holding said it invested 1.37 billion riyals in Gazprom and 196 million riyals in Rosneft on February 22, as well as 410 million riyals in Lukoil between February 22 and March 22.
Kingdom Holding is primarily owned by Saudi Prince Alwaleed bin Talal, but Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), acquired 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.
