Riyadh opposed the confiscation of Russian assets
Saudi Arabia has hinted that it may sell some of its European bonds if the G7 countries seize nearly $300 billion in frozen Russian assets, Bloomberg reports.
According to the sources of the agency, the "Big Seven" countries initially planned to completely confiscate Russian assets stored in depositories in Belgium and the United States. However, Saudi Arabia unexpectedly defended Russia.
According to him, the Royal Ministry of Finance expressed its displeasure with the confiscation aimed at helping Ukraine. In addition, Riyadh threatened to sell European bonds if the EU agreed to confiscation.
Saudi Arabia has invested heavily in Euro and French bonds. The rejection of debt obligations may cause the euro to fall in the short term.
However, the Bloomberg article notes that Saudi Arabia's investment alone may not be enough to change European policy, but the situation is certain to change if other countries follow Riyadh's lead.
Bloomberg also notes that Riyadh still doesn't have enough European bonds to fully destabilize the stock market. However, European officials have expressed concern that a domino effect could occur if other countries, such as China or Qatar, take inspiration from Riyadh's example and begin divesting their assets. Such a scenario could exacerbate Europe's economic problems, compounded by sanctions against Russia.

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