Saudi Arabia possess possibility of breaking West’s financial architecture
Date
7/21/2024 5:30:27 AM
(MENAFN) Private property has long been regarded as a sacred principle in human societies, yet this notion is increasingly under threat in today’s world. As economic and political instability become more prevalent, traditional legal frameworks and international agreements meant to safeguard property rights are encountering new challenges. The rise of asset confiscation, economic sanctions, and political pressure has forced a reevaluation of the inviolability of private property, prompting individuals and nations to seek new strategies for protecting their assets.
Recent reports have highlighted a potential shift in global financial dynamics involving Saudi Arabia. Early this year, the kingdom reportedly suggested it might sell off some of its European debt holdings if the G7 countries proceeded with their plans to seize nearly USD300 billion of Russia’s frozen assets. This information, sourced from insiders, adds another layer of complexity to the already volatile geopolitical landscape.
Saudi Arabia’s Ministry of Finance expressed strong opposition to the G7’s proposal, which was intended to support Ukraine in its ongoing conflict with Russia. The communication from Saudi Arabia to some G7 members was perceived as a subtle threat, indicating the kingdom’s determination to safeguard its financial interests. Specifically, Saudi officials referenced French Treasury-issued debts, signaling their strategic use of economic leverage in response to the proposed asset confiscation measures.
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