Saudi Arabia's sovereign wealth fund invested $2 billion in Russia before the Ukraine war, report says




Putin and MBS
Putin and MBS  
  • Saudi Arabia's sovereign wealth fund invested $2 billion in Russia before the Ukraine invasion.

  • A prospectus for the fund revealed investments in Russia's infrastructure, manufacturing, logistics and retail sectors, the Wall Street Journal said.

  • The Public Investment Fund, which is run by Saudi Crown Prince Mohammed bin Salman, oversees $600 billion in assets.

Saudi Arabia's sovereign wealth fund invested $2 billion into Russian assets before the Kremlin's invasion of Ukraine, according to a report from the Wall Street Journal.

The Public Investment Fund, which is run by Saudi Crown Prince Mohammed bin Salman, oversees $600 billion in assets. While it typically keeps details about its investments under tight wraps, it has circulated a prospectus for a planned bond sale.

According to a prospectus viewed by the Journal, the PIF invested the $2 billion in Russia's infrastructure, manufacturing, logistics and retail sectors. That came as part of an earlier agreement with Russia.

In 2015, the PIF said it would pour up to $10 billion in the government-run Russia Direct Investment Fund over the next five years.

However, the PIF said proceeds from the planned bond sale wouldn't be used for further investments in Russia, citing the "ongoing Russia-Ukraine conflict and the imposition of international sanctions on" the Russian fund.

The funds would instead be meant for renewable energy and so-called green projects, according to the prospectus.

Last month, a separate Saudi fund also disclosed recent investments in Russia. Regulatory filings revealed that Saudi Arabia's Kingdom Holding, which is controlled by billionaire Prince Alwaleed Bin Tala, poured more than $500 million in Russia's top energy companies between February and March of this year.

That included $365 million in global depository receipts of Gazprom, $52 million in global depository receipts of Rosneft, and $109 million in Lukoil's US depository receipts.

COMMENTS

More Related News

Russia, mired in war, faces economic pain and attempts to isolate it
Russia, mired in war, faces economic pain and attempts to isolate it
  • US
  • 2022-12-06 12:07:03Z

Russia's invasion of Ukraine plunged Europe into its biggest land war since World War Two, igniting a conflict that has killed thousands, displaced millions,...

Second Day of Drone Attacks Means Invasion of Ukraine Has Now Brought War to Russia
Second Day of Drone Attacks Means Invasion of Ukraine Has Now Brought War to Russia
  • World
  • 2022-12-06 11:37:25Z

ReutersFor a second day in a row, an unmanned drone thought to be dispatched by Ukraine struck deep within Russian territory as the invasion Vladimir Putin...

Russian state-owned bank VTB hit by largest DDoS attack in its history
Russian state-owned bank VTB hit by largest DDoS attack in its history
  • US
  • 2022-12-06 08:24:02Z

Russia's No. 2 bank VTB was hit by the largest cyber attack in its history, it said on Tuesday, warning of temporary difficulties in accessing its mobile app...

Philippine lawmakers propose $4.9 bn sovereign wealth fund chaired by Marcos
Philippine lawmakers propose $4.9 bn sovereign wealth fund chaired by Marcos

Philippine lawmakers have proposed a $4.9 billion sovereign wealth fund to be chaired by President Ferdinand Marcos Jr to boost growth, but critics warn it...

Ukraine Latest: Moscow Blames Ukraine for Attacks Deep in Russia
Ukraine Latest: Moscow Blames Ukraine for Attacks Deep in Russia

(Bloomberg) -- Moscow confirmed attacks against two airfields well inside its borders, accusing Ukraine of what could be the deepest strikes into Russian...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy