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Saudi Arabia's new move could trigger a dangerous chain reaction with the West if other countries around the world follow suit.
The Saudi Arabian Ministry of Finance recently informed several G7 member countries that it cannot accept the seizure of $300 billion worth of frozen assets from the Russian Federation.
Bloomberg, citing its own sources, said Riyadh has hinted that in a worst-case scenario, it could divest some of its European debt obligations.
"Saudi Arabia's finance ministry has informed some G7 partners that it disagrees with the idea of seizing Russian assets to support Ukraine. Saudi Arabia specifically mentioned debt issued by France," Bloomberg wrote.
In May and June, the G7 explored various options for dealing with the Russian central bank’s frozen assets in the West. The group eventually agreed on a plan to provide Ukraine with a $50 billion loan by the end of the year, secured by interest earned on $300 billion in frozen Russian assets. Some eurozone member states opposed the idea, fearing it would weaken their currencies.
In a statement, Saudi Arabia's finance ministry denied putting pressure on G7 countries, adding that "no such threat was made".
"Our relationship with the G7 and other countries is one of mutual respect and we continue to discuss all issues that promote global growth and strengthen the resilience of the international financial system," the statement said.
However, the move by Saudi Arabia could trigger a dangerous chain reaction in the West if other countries around the world follow Riyadh’s lead. EU countries are considering a response to Saudi Arabia, but the move underscores the growing diplomatic influence of Saudi Arabia on the world stage.
"Whatever Saudi Arabia's motives, the move underscores Riyadh's growing influence on the international stage and the difficulty the Group of Seven faces in trying to rally the Global South behind Ukraine," Bloomberg said.
Saudi Arabia has yet to take a concrete stance on the conflict in Ukraine after skipping a peace summit in Switzerland last month and refusing to sign its joint communique.
Saudi Arabia previously hosted an international summit on Ukraine in August 2023. The country also played a key role in negotiating a major prisoner exchange between Ukraine and Russia, involving nearly 300 people, in September 2022.
At the same time, Saudi Arabia maintains close economic ties with Russia, which have been strengthened following the conflict in Ukraine.
