Saudi Arabia has warned the G7 countries of its response to the confiscation of Russian assets.
Riyadh will sell some of its European debt securities if the G7 states do take over Russia's sovereign assets.
This was reported by Bloomberg , citing anonymous insiders familiar with the situation.
In May-June 2024, the G7 discussed the confiscation of Russian assets. In the end, it was decided to implement only the scheme with the receipt of income from the reinvestment of Russian money.
However, the US and UK insisted on direct confiscation of assets, which in monetary terms amounts to approximately $300 billion.
But EU countries did not accept the proposal. Bloomberg claims that their decision was influenced by Saudi Arabia.
Representatives of the Kingdom's Ministry of Finance contacted politicians from the G7 countries and informed them that Riyadh does not support the idea of confiscating assets.
Saudi Arabia has said it will sell debt securities issued by the French Treasury if the G7 goes ahead with its plan.
Experts note that we could be talking about tens of billions of euros. But still, their amount is not enough to collapse the EU currency, analysts believe.
However, they acknowledge that Saudi Arabia's role on the global political stage has grown significantly in recent years, which is why the G7 countries have abandoned their initial plans for Russian assets.
Earlier, the expert explained why the West accuses Russia of “hybrid attacks.”
