Al-Waleed bin Talal invested some 530 million dollars in Russian companies two days before the invasion of Ukraine – Hoy 24

The Saudi Kingdom Holding Company invested some $530 million in Russian oil companies two days before Russia’s invasion of Ukraine last February, the group owned by billionaire Al-Waleed bin Talal announced.

The Gulf company bought shares in Russian gas giant Gazprom, oil group Rosneft and oil company Lukoil on February 22, two days before Russia launched the war against Ukraine.

The company said in a statement about its investment programs to the Saudi Stock Exchange on Sunday night that it had bought shares in Gazprom for 1,369 million riyals ($365.1 million), Rosneft for 195.7 million. million riyals ($52.2 million) and Lukoil with 409,864 million riyals. ($109.2 million).

Investments in Gazprom and Rosneft were made on February 22, while purchases in Lukoil occurred between this date and March 22.

The United States, the European Union and Western countries have imposed sanctions on a number of Russian energy companies and their executives following the Russian invasion of Ukraine.

Saudi Arabia, one of the world’s largest oil producers and exporters, has rejected pressure from the United States and the West to increase production in order to reduce oil prices, which have risen sharply since the start of the war in Ukraine.

Together with Russia, it leads the “OPEC Plus” alliance, which includes the group of countries affiliated with the Organization of Petroleum Exporting Countries and outside of it, and controls the quantities of production in the market.

Saudi Kingdom Holding Company is one of the world’s largest investment companies and its portfolio includes investments in hotel management, real estate, hotel real estate, media, publishing, entertainment, networking and the transportation sector.

These include investments in Four Seasons Hotels and Resorts, Movenpick, Twitter, ride-sharing companies Careem and Lyft, and Citigroup.

Nicknamed the “Warren Buffett of Saudi Arabia,” the prince struggled to regain his financial and political standing in the kingdom after being detained at the Ritz-Carlton Hotel with some 300 prominent Saudi figures as part of an anti-corruption crackdown in 2017.

He was released in January 2018 after three months, announcing at the time that this ordeal was just a misunderstanding that was resolved, amid reports that he had struck an undisclosed financial settlement with authorities.

This giant fund is leading Saudi Arabia’s efforts to diversify the economy by supporting the entertainment, sports, tourism and other sectors, with the aim of ending its historical dependence on oil.