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Saudi Arabia's debt sell-off threat raises concerns amid G-7 asset dispute

10 July 2024 11:19

In early 2024, Saudi Arabia hinted privately that it might divest some European debt holdings if the G-7 were to pursue seizing nearly $300 billion of Russia's frozen assets.

Sources familiar with the matter revealed to foreign media that Saudi officials specifically mentioned French Treasury debt, Caliber.Az reports.

During May and June, the G-7 explored various approaches to support Ukraine using frozen Russian central bank funds, ultimately deciding against direct asset confiscation but opting to utilize the proceeds. The US and UK had advocated for more assertive measures, including asset seizures, while some EU members opposed these actions due to currency stability concerns.

Sources suggested that Saudi Arabia's stance could have influenced these countries' reluctance towards asset confiscation. Despite Saudi Arabia's finance ministry denying any threats in response to inquiries, one journalist's sources indicated a shift in Saudi Arabia's position following the G-7's decision to propose alternatives that did not involve asset expropriation.

Regardless of the underlying reasons, Saudi Arabia's actions underscore its increasing global influence and highlight the G-7's challenges in garnering broader support from Global South nations amid ongoing geopolitical tensions.

 

 

 

Caliber.Az
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