A distinguished Saudi billionaire poured greater than $500 million into Russia’s most sensible state-linked power companies this yr round the similar time because the Kremlin introduced its brutal invasion of Ukraine, a inventory change submitting confirmed.
Kingdom Holding, the Saudi company based by way of Prince Alwaleed Bin Talal, purchased the identical of $365 million in depositary receipts for Russia’s Gazprom in a transaction that came about someday in February,
Alwaleed’s company additionally dumped $52 million into Rosneft in February. In a business that came about between February and March, Kingdom additionally invested $109 million in Lukoil’s US-based depository receipts, which constitute a overseas corporate’s publicly traded inventory.
The filings didn’t divulge the cause of the investments.
However, the Saudi billionaire wager on Russian companies on the identical time that the Ukraine invasion caused Western countries to enact sweeping financial sanctions towards the Kremlin and Western-based companies to depart Russia in droves.
The stakes have plummeted in price because the sanctions led to lasting injury to the Russian inventory marketplace and economic system.
Saudi Arabia and Russia have deep ties within the world power marketplace. OPEC+, a collective consisting of individuals of the OPEC oil cartel and different allied countries together with Russia, has resisted calls to spice up oil manufacturing to satisfy sturdy call for during the last yr.
Kingdom’s funding within the Russian companies was once
The inventory change submitting additionally printed that Kingdom invested in Chinese companies Tencent and Alibaba in 2021.
Alwaleed is likely one of the global’s richest folks, with an estimated private fortune of $16.9 billion, consistent with the Bloomberg Billionaires Index. His company holds stakes in different US-based corporations, together with Snap, Twitter, Uber and Lyft.
Saudi Arabia’s sovereign wealth fund, which is led by way of Crown Prince Mohammed bin Salman, holds a 16.9% stake in Kingdom Holding, consistent with Bloomberg.
Oil large Saudi Aramco earned a whopping $88 billion over the primary part of this yr as world shortages and cargo disruptions led to surging costs in keeping with barrel. The company mentioned its income jumped 90% in the second one quarter year-over-year.
Meanwhile, Russia has persisted to
Source Link: https://nypost.com/2022/08/15/saudi-billionaire-poured-500m-into-russian-energy-firms-amid-ukraine-invasion/