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Abu Dhabi’s Mubadala and Qatar Investment Authority holding on to Russian assets for now

Despite a slump in the Russian market triggered by the ongoing war in Ukraine, Abu Dhabi’s Mubadala Investment Co. and Qatar Investment Authority, or QIA, have decided to hold on to Russian assets worth billions of dollars, Bloomberg reported, quoting people familiar with the matter.

Mubadala which has at least $3 billion worth of exposure to Russia is unlikely to unwind its partnership with the Kremlin-run Russian Direct Investment Fund, as the company does not want to hamper the relationship with Kremlin.

On the other hand, the QIA has a roughly 19 percent stake in Rosneft PJSC. People close to the matter said that QIA considers the investment key to supporting Doha’s relationship with Moscow.

“It’s part of a broader attempt by Gulf states to continue working with Russia where there are mutual interests. They are trying to balance the risk of secondary sanctions with their long-term relationships,” said Rachel Ziemba, the New York-based founder of the advisory firm Ziemba Insights.

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