Two influential Middle Eastern wealth funds are for now planning to hold on to Russian assets worth billions of dollars, seen as strategic and long-term investments, people familiar with the matter said.
Abu Dhabi’s Mubadala Investment Co. and Qatar Investment Authority are taking a different approach to Norway’s $1.3 trillion sovereign wealth fund, which is starting a process to remove Russian assets from its portfolio.
The QIA, which has a roughly 19% stake in Rosneft PJSC, sees that investment as key to supporting Doha’s relationship with Moscow, the people said. Unlike BP Plc, which has said it will offload its stake in the Russian firm, the Qatari fund is under no pressure to sell, they said.
“It’s part of a broader attempt by Gulf states to continue working with Russia where there are mutual interests,” said Rachel Ziemba, the New York-based founder of the advisory firm Ziemba Insights. “They are trying to balance the risk of secondary sanctions with their long-term relationships.”
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