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Saudi billionaire poured $500M into Russian energy firms amid Ukraine invasion

Added 08-15-22 03:18:03pm EST - “The bets occurred around the same time as the Kremlin launched its brutal invasion of Ukraine.” - Nypost.com

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Posted By TheNewsCommenter: From Nypost.com: “Saudi billionaire poured $500M into Russian energy firms amid Ukraine invasion”. Below is an excerpt from the article.

A prominent Saudi billionaire poured more than $500 million into Russia’s top state-linked energy firms this year around the same time as the Kremlin launched its brutal invasion of Ukraine, a stock exchange filing showed.

Kingdom Holding, the Saudi firm founded by Prince Alwaleed Bin Talal, bought the equivalent of $365 million in depositary receipts for Russia’s Gazprom in a transaction that took place sometime in February, according to the filings.

Alwaleed’s firm also dumped $52 million into Rosneft in February. In a trade that took place between February and March, Kingdom also invested $109 million in Lukoil’s US-based depository receipts, which represent a foreign company’s publicly traded stock.

However, the Saudi billionaire bet on Russian firms at the same time that the Ukraine invasion prompted Western nations to enact sweeping economic sanctions against the Kremlin and Western-based firms to leave Russia in droves.

The stakes have plummeted in value as the sanctions caused lasting damage to the Russian stock market and economy.

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