Global Economy News

Bloomberg: Saudi Arabia threatened the Group of 7

According to Tasnim news agency, the Bloomberg news channel revealed, citing informed sources, that the G7 group “probably” abandoned the US plan to confiscate the blocked assets of the Russian Central Bank due to a “hidden threat” from Saudi Arabia.

The United States and Britain had pushed for the full confiscation of about $280 billion in Russian funds that the West had blocked in 2022 because of the Ukraine conflict.

The European Union, where most of these assets are held, does not want the euro to be compromised by possible backlash to the confiscation.

Saudi Arabia has “privately” informed European officials that it may sell some EU debt if the Group of 7 plans to seize Russian assets go ahead, Bloomberg reported on Tuesday, citing people with knowledge of the matter.

One of the people, who spoke on condition of anonymity, described the message from the Saudi finance ministry as a “veiled threat”, while two others said Riyadh was specifically referring to French Treasury debt.

This “probably” influenced the G7's decision to soften its stance and refrain from taking Russian frozen funds and only hand over the profits from these funds to Kyiv as loans.

Meanwhile, Moscow called the move illegal, and former president Dmitry Medvedev said it could be interpreted as a pretext for war.

However, when Bloomberg reached out to the Saudi finance ministry for comment, the ministry insisted that “no threats have been made.”

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Mhd Narayan

Bringing over 8 years of expertise in digital marketing, I serve as a news editor dedicated to delivering compelling and informative content. As a seasoned content creator, my goal is to produce engaging news articles that resonate with diverse audiences.

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