Saudi Arabia has not issued an ultimatum to the Group of Seven (G7) regarding the possible confiscation of Russia's frozen assets, the Kingdom's Ministry of Finance said, quoted by Ag. Bloomberg.
According to agency sources, earlier this year Saudi Arabia “hinted that it could sell some European debt securities if the G7 decided to seize Russia's frozen assets”. “There were no such threats,”, quotes Ag. Bloomberg Treasury Department statement. "Our relationship with the G7" and other countries are based on mutual respect and we continue to discuss all issues that contribute to global growth and enhance the stability of the international financial system”, the Saudi ministry said.
At the same time, the agency emphasizes that, according to information from its sources, the Ministry of Finance of the Kingdom had previously “notified some G7 colleagues“ about his disagreement with this idea of confiscating Russian frozen assets”. In addition, according to two sources, in this context "the debt issued by the French Ministry of Finance was mentioned."
In May, the Financial Times, citing an unnamed European official, reported that Indonesia and Saudi Arabia had stepped up lobbying efforts in European capitals to prevent the Russian Federation from seizing frozen assets out of fear for the safety of their own funds. , stored in the West. It was noted that these concerns were expressed by Indonesian and Saudi officials at a meeting of finance ministers and central bank governors held on February 28-29 in Sao Paulo.
In March, the European Commission approved a proposal to use the proceeds of blocked Russian funds to provide aid to Kiev. This initiative provides for the transfer of 90% of the revenues of the Russian Federation for the purchase of projectiles for Ukraine and the transfer of 10% to the EU budget for subsequent support of the Ukrainian military-industrial complex. The head of the Central Bank of the Russian Federation, Elvira Nabiulina, statedthat the Bank of Russia, if the West uses frozen Russian assets, will take appropriate measures to protect its interests.