According to Bloomberg sources, the Saudi Ministry of Finance expressed its opposition to the confiscation of frozen Russian assets to some G7 member states, and directed what one source described as “implicit threats.”
Sources indicate that Saudi Arabia has hinted at the possibility of selling European debt bonds, especially French bonds, if the seven countries confiscate Russian assets.
The sources said that the Saudi position may have influenced the position of some European countries within the G7, which opposed the confiscation of Russian assets.
The Saudi Ministry of Finance officially denied the veracity of this information, saying that “no such threats have been made,” according to Bloomberg.
The ministry added that Riyadh’s relationship with the G7 and others “is based on mutual respect, and we continue to discuss all issues that contribute to global development and enhance the strength of the international financial system,” according to Bloomberg.
It is noteworthy that Saudi Arabia owns European debt bonds worth tens of billions of euros, according to Bloomberg data.
The G7 countries decided during their summit last June to seize the interest on frozen Russian assets and use them to help Ukraine, instead of seizing the frozen assets themselves, which amount to regarding $300 billion, which were frozen as part of the sanctions once morest Russia once morest the backdrop of the military operation in Ukraine that began in February 2022.
Russia considered the confiscation of its frozen assets “theft,” indicating that such steps would not remain unanswered.
Source: Bloomberg
#Bloomberg #talks #Saudi #warnings #countries #confiscating #Russian #assets…and #Riyadh #responds
2024-07-13 00:24:35