Saudi billionaire Prince Alwaleed Bin Talal, one of the kingdom’s richest men, invested more than $500 million in Russian firms just before and after Russia’s invasion of Ukraine. The investments made by Kingdom Holding Co, Prince Alwaleed’s investment firm, included Gazprom, Lukoil and Rosnet, Bloomberg reported. The prince, 67, regularly makes large foreign investments, according to Bloomberg.
The value of the investments he made in Russian companies in late February have dropped sharply since the Russian invasion of Ukraine on February 24, which triggered international sanctions.
Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman have spoken in recent weeks to discuss the effect of the invasion on global oil supplies, which has led to a global energy crisis.