Saudi Arabia’s Kingdom Holding invested in Russian energy groups Gazprom, Rosneft and Lukoil, Reuters reported.

Russian energy companies and their executives have been sanctioned by many Western nations following Russia’s invasion of Ukraine.

According to the company, Kingdom Holding’s investments are part of its three-year investment plan of 12.8 billion riyals ($3.4 billion).

In addition to investing 1.37 billion riyals in Gazprom and 196 million riyals in Rosneft on February 22, Kingdom Holding also invested 410 million riyals in Lukoil.

The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, acquired 16.87% of Kingdom Holding in May. The company is mainly owned by Saudi Prince Alwaleed Bin Talal.

In 2017, OPEC+, a group made up of members of OPEC and allied producers, was formed by Saudi Arabia and Russia.