Financial news reports, official statements from relevant countries

Saudi Arabia Warns G-7 Against Seizing $300 Billion in Russian Assets With Debt Sale Threat

Jul 9, 2024, 02:51 PM

Saudi Arabia has privately warned the Group of Seven (G-7) against seizing nearly $300 billion in frozen Russian assets, threatening to sell some of its European debt holdings in response. The kingdom's finance ministry communicated this potential action to G7 counterparts earlier this year, Bloomberg reported. Although Saudi Arabia holds relatively few European bonds, EU officials are concerned that other countries may follow Riyadh's example, potentially destabilizing the European debt market. The motivation behind Saudi Arabia's threat remains unclear, with speculation about whether it is acting out of solidarity with Russia or self-interest.