Saudis tried to protect Russian assets in Europe

Earlier this year, Saudi Arabia indicated it might sell off some of its European debt holdings if G7 countries proceeded with seizing nearly $300 billion of Russia’s frozen assets, Bloomberg reported on Tuesday. Sources familiar with the matter disclosed to Bloomberg that Saudi Arabia’s finance ministry expressed opposition to this proposed confiscation, intended to aid Ukraine, during discussions with select G7 counterparts. The report highlighted Saudi Arabia’s potential influence on European decisions, noting the kingdom’s substantial holdings in euro and French bonds, estimated to be worth tens of billions of euros, which could sway deliberations. However, it emphasized that Saudi Arabia’s holdings alone might not suffice to alter European policy, but the situation could shift if other countries were to follow Riyadh’s lead.