According to regulatory records, in February and March, Saudi Arabia’s Kingdom Holding Co, the investment company run by billionaire Prince Alwaleed Bin Talal, covertly invested more than $500 million in three significant Russian energy companies.
Kingdom Holding made investments in Gazprom and Roseneft’s worldwide depository receipts in February totaling 1.37 billion riyals ($365 million) and 196 million riyals ($52 million), respectively.
The corporation had not previously disclosed the specifics of its investments. Crown Prince Mohammed Bin Salman chairs Saudi Arabia’s national wealth fund, which owns 16.9% of the company.
After placing a significant winning wager on Citigroup Inc. in the 1990s, Prince Alwaleed bin Talal gained international notoriety. He was also an early investor in Apple Inc.
The prince has also amassed hundreds of millions of dollars through investments in firms including Twitter Inc. and Uber Technologies Inc.
Some Western officials whom has sought to isolate Russia over the invasion have been frustrated by Saudi Arabia and other Gulf governments’ attempts to maintain what they claim is a neutral attitude on the crisis in Ukraine.