Saudi Arabia has signed a commitment to invest up to $10 billion in Russia, the Russian Direct Investment Fund said Monday. Russia’s latest pact with its closest oil-producing rival marks Moscow’s efforts to replace Western funding, which has been hit by sanctions , just a few days before a summit of five major emerging economies, known by the acronym of Brics, to be held in Russia’s town of Ufa. The majority of the $10 billion from Saudi Arabia’s sovereign-wealth fund, Public Investment Fund, will be spent on Russia’s agricultural projects, as well as on medicine, logistics, and the country’s retail and real estate sectors, RDIF chief Kirill Dmitriev told The Wall Street Journal. The agreement was reached after a “great” contribution from Mohammad bin Salman Al Saud, Deputy Crown Prince of Saudi Arabia, who met Russia’s President Vladimir Putin during an annual economic forum in Saint Petersburg in June, […]