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Saudi Billionaire Made $500 Million Russia Bet at War Onset

  • Prince Alwaleed’s firm invested in Gazprom, Rosneft, Lukoil
  • Kingdom Holding has invested $3.4 billion globally since 2020
Prince Alwaleed Bin Talal
Prince Alwaleed Bin TalalPhotographer: Guy Martin/Bloomberg
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Saudi billionaire Prince Alwaleed Bin Talal invested more than $500 million in Russian firms around the time of Moscow’s invasion of Ukraine, in a sign of the careful political position the Gulf state has maintained with its OPEC+ partner.

Prince Alwaleed’s investment firm, Kingdom Holding Co., acquired depositary receipts issued by Gazprom PSJC, Lukoil PJSC and Rosneft PJSC in February, according to a stock exchange filing. Russia invaded Ukraine on Feb. 24.