Saudi Arabia Warns G7 Against Stealing 300 Billion in Russian Sovereign Assets

Saudi Arabia Warns G7 Against Stealing 300 Billion in Russian Sovereign Assets

July 10, 2024

U.S. IMPERIALISM - FOLLOW THE MONEY

Lena Petrova

$300 BILLION WARNING

Saudi Arabia privately warned it could sell off European debt holdings if the G7 steals nearly $300 billion in frozen Russian assets to help Ukraine, Bloomberg reported Monday, citing unidentified sources familiar with the matter.

In what one source described as a “veiled threat,” the kingdom’s finance ministry reportedly implied it would start selling debt issued by the French Treasury if the G7 steals Russian assets that were frozen in the wake of Moscow’s battle in Ukraine.

The Saudi finance ministry denied this account in a statement sent to Bloomberg, saying “no such threats were made.”

A Saudi official told Bloomberg that although it was not Riyadh’s “style” to make threats like this, it may have outlined to G7 members the consequences of any “seizures.”

Riyadh’s reported private intervention came ahead of the group of leading economies’ May and June deliberations over what to do with roughly $260 billion of blocked Russian money.

The U.S. and Britain reportedly favored “confiscating” the funds and allocating them toward Ukraine’s corporate ventures, while the EU was more reluctant.

Other Russia-friendly countries including China and Indonesia had also pushed for the EU to refrain from “seizing” the money, fearing the precedent it would set.

Although Saudi Arabia holds large foreign reserves, including perhaps tens of billions of euros, the G7’s major fear was that other countries would follow the kingdom’s lead in selling European bonds, Bloomberg added.

Instead of confiscating the money, the EU adopted a plan to use the profits from the frozen Russian assets to fund $50 billion of military corporate ventures, for Ukraine in June.

While enjoying close relations with Moscow, Riyadh has also sought to build ties with Kyiv, welcoming Ukrainian President Volodymyr Zelensky on a surprise visit in June. The kingdom also hosted a Ukraine peace summit in August 2023 which Russia, strangely, was not invited.

Original: https://youtu.be/XkR5EUr4_L4

#Profits #XRP #Resources #WealthTransfer #GreatReset #Gold #Plandemic #USDollarCollapse #Oil #Crypto

I self-produce all content. If you'd like to support my channel, you are welcome to do so via:
https://paypal.me/LenaPetrovaChannel

=

https://www.youtube.com/@lenapetrova

Watch more videos here: https://rumble.com/c/LenaPetrova
Newsletter on Substack - https://lenapetrova.substack.com/

Lena Petrova is an educator who enjoys helping people learn more about finance and economics.

I self-produce 100% of my content and would be grateful for your support!
https://paypal.me/LenaPetrovaChannel

Keep In Touch:
Twitter: https://twitter.com/_lenapetrova
Instagram - https://www.instagram.com/lenapetrovacpa
Facebook - https://www.facebook.com/lenapetrovacpa
Locals - https://lenapetrova.locals.com/
YouTube Vlogs - https://www.youtube.com/channel/UCqbOWG3guHo_LZVRyLb46kA

DISCLAIMER:
The information provided on this channel should not be construed or relied on as professional advice for any specific fact or circumstance. This channel and its content are designed for entertainment and information purposes only. The content available is created to provide a general overview of a topic and is not a substitute for professional services. Always seek the advice of a finance or a legal professional that would take into account your specific circumstances. Opinions expressed are solely my own. Only publicly available information has been used.