Russia has said it will not be making a significant investment in Saudi oil giant Aramco, as the company prepares for its long-awaited launch on the stock market.
The comments were made by the Russian delegation attending an investment conference in Riyadh.
Norway also said it was not interested in cashing in at all.
Saudi Crown Prince Mohammed bin Salman wants Aramco valued at over two trillion dollars, but bankers said between 1.2 and 1.5 trillion is more realistic.
Al Jazeera's Rory Challands reports.