15.07.2024, 11:59
Saudi Arabia has threatened the EU in case of confiscation of Russian assets
Source: OREANDA-NEWS
OREANDA-NEWS Saudi Arabia has threatened to sell off the debt securities of the European Union. The possible response of the Saudis in the case of confiscation of Russian assets in the West is reported by RIA Novosti.
According to sources, representatives of Saudi Arabia gave a "clear signal" to the West about the need to comply with international law. At the same time, the country's Finance Ministry does not support retaliatory measures.
"Our relations with the G7 and other countries are based on mutual respect, and we continue to discuss all issues that contribute to global growth and increase the stability of the international financial system," Bloomberg quotes the agency's opinion.
The total investments of the Gulf countries in euros and EU securities amount to about 15.1 billion euros. At the same time, the reserves of the European Central Bank (ECB) are estimated at 69 billion euros, of which 51 are denominated in foreign currency, and the remaining 18 are in gold. In order to really cause a market collapse, Beijing and Tokyo should join Riyadh, suggested Andrey Loboda, economist and communications director at BitRiver.
Despite the fact that the Saudis alone will not harm the eurozone economy, they can start a chain reaction — and a serious sale of the EU national debt will exacerbate the weak economic indicators of the eurozone. Foreign investors own about 50 percent of the national debt of France, 28 percent of Italy, 40 percent of Spain and 45 percent of Germany, added Evgeny Shatov, partner at Capital Lab.
The Big Seven has not yet agreed on the possible confiscation of the frozen assets of the Russian Central Bank — only on using the proceeds from their placement to help Ukraine. At the same time, the chosen scheme allows you to transfer a significant amount of funds to Kiev immediately, it provides for the issuance of a loan, which will be paid from income. At the same time, the Russian Ministry of Finance does not expect that assets will be unfrozen in the foreseeable future.
According to sources, representatives of Saudi Arabia gave a "clear signal" to the West about the need to comply with international law. At the same time, the country's Finance Ministry does not support retaliatory measures.
"Our relations with the G7 and other countries are based on mutual respect, and we continue to discuss all issues that contribute to global growth and increase the stability of the international financial system," Bloomberg quotes the agency's opinion.
The total investments of the Gulf countries in euros and EU securities amount to about 15.1 billion euros. At the same time, the reserves of the European Central Bank (ECB) are estimated at 69 billion euros, of which 51 are denominated in foreign currency, and the remaining 18 are in gold. In order to really cause a market collapse, Beijing and Tokyo should join Riyadh, suggested Andrey Loboda, economist and communications director at BitRiver.
Despite the fact that the Saudis alone will not harm the eurozone economy, they can start a chain reaction — and a serious sale of the EU national debt will exacerbate the weak economic indicators of the eurozone. Foreign investors own about 50 percent of the national debt of France, 28 percent of Italy, 40 percent of Spain and 45 percent of Germany, added Evgeny Shatov, partner at Capital Lab.
The Big Seven has not yet agreed on the possible confiscation of the frozen assets of the Russian Central Bank — only on using the proceeds from their placement to help Ukraine. At the same time, the chosen scheme allows you to transfer a significant amount of funds to Kiev immediately, it provides for the issuance of a loan, which will be paid from income. At the same time, the Russian Ministry of Finance does not expect that assets will be unfrozen in the foreseeable future.
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