Bloomberg reported July 9 that Saudi Arabia had made “veiled threats” to the G7 countries that, if they proceeded to seize the $300 billion in Russian bonds to give to Ukraine, Saudi Arabia would commence selling off Eurobonds that it holds. Saudi Arabia’s Finance Ministry reportedly made the threat, and specifically named debt held by France’s Treasury.
When asked later about the news, a Saudi Finance Ministry official dismissed the claim, saying: “Our relation with the G7 and others is of mutual respect and we continue to discuss all issues that promote global growth and enhance the resilience of the international financial system,” the statement read. But a Saudi official told Bloomberg that, although it was not Riyadh’s “style” to make threats like this, it may have outlined to G7 members the consequences of any seizures.
