Recent reports suggest that Saudi Arabia may have played a role in the G7’s decision to withhold direct seizure of $280 billion in Russia’s frozen assets. According to Bloomberg, Saudi Arabia hinted at potential consequences if the G7 decided to make all of Russia’s frozen assets available for Ukraine’s defense and reconstruction, suggesting they could sell Eurobonds and French bonds.
While Saudi officials denied making any threats, the kingdom’s significant holdings could have had an impact on the G7’s decision-making process. Ultimately, the G7 agreed to provide Ukraine with $50 billion from Russia’s frozen assets, rather than seizing the entire amount.
It remains unclear whether Saudi Arabia’s actions were driven by self-interest or solidarity with Russia, given their close relationship and joint leadership in the OPEC-plus cartel. However, Saudi Arabia has also been working to strengthen ties with Ukraine, as evidenced by a recent meeting between President Zelensky and Crown Prince Mohammed bin Salman in Riyadh.