"Saudi Arabia Threatens Europe: Don't Use Russia's Assets to Help Ukraine"

“Saudi Arabia Threatens Europe: Don’t Use Russia’s Assets to Help Ukraine”

Saudi Arabia to the rescue of Russia. According to the news agency BloombergRiyadh could leverage the public debt of some European countries to push the EU not to use the profits of confiscated Russian assets, effectively taking them away from Moscow and investing them in weapons for Ukraine. The threat came from the Saudi Finance Ministry earlier this year, according to Bloomberg.

Saudi Arabia holds government bonds of several states, including those of the US and France. The threat, sent to the G7 finance ministers, would consist of the sale of these bonds, which could have speculative repercussions for the countries involved. Riyadh’s intention, according to the reconstruction of several media, is to prevent the EU from using the profits generated by the assets of the Russian Central Bank frozen in European institutions. These assets would amount to 280 billion euros, and would generate profits of up to 5 billion euros per year. Brussels, in agreement with the G7, has decided to use these profits to support Kiev.

To Moscow’s aid, pressure would have come not only from Riyadh, but also from China. According to Bloomberg, more than solidarity with Russia (whose relations are cemented by their common membership in the club of oil-exporting countries), Saudi Arabia is moved by concern that the West could one day use the same weapon against Saudi assets abroad.