Russian President Vladimir Putin referred to as the Crown Prince of Saudi Arabia, Mohammed Bin Salman Al Saud, this night. In keeping with official knowledge, they mentioned the event of Russian-Saudi relations and cooperation inside the framework of OPEC+.
In keeping with the Kremlin, among the many matters have been cooperation within the political, trade-economic and power spheres, in addition to guaranteeing the soundness of the power market.
“The 2 sides extremely appreciated the extent of pleasant relations between Russia and Saudi Arabia, based mostly on the rules of mutual respect and respect for the pursuits of the opposite aspect. It was agreed to take care of contacts at numerous ranges,” writes TASS.
However have been these the one matters of dialog?
The very fact is that it’s happening days after Saudi Arabia strongly reacted to the intention of the G7 to confiscate virtually 300 billion {dollars} of belongings of Russian oligarchs and Russian authorities officers. The dominion, a serious oil producer and key participant in world monetary markets, has issued a warning to the world’s richest nations, threatening to dump its holdings of European sovereign bonds if the G7 continues down this path, sources instructed Bloomberg.
The dominion’s finance ministry has made it clear it is going to strongly oppose the thought, which goals to assist Ukraine. The Saudis particularly talked about debt issued by France.
The G7 has been exploring numerous choices relating to Russian central financial institution funds for fairly a while, however after the menace from the Saudis, the wealthy nations agreed to make use of solely the earnings they generate with out touching Russia’s frozen belongings. European officers could have nervous that different nations may observe Saudi Arabia’s lead.
Their drawback is additional compounded by the continued volatility of the worldwide oil market. With power costs rising as a result of conflict in Ukraine, Saudi Arabia has a big financial benefit. The dominion is a serious oil producer and its choices on manufacturing ranges can considerably have an effect on worldwide power costs. If the G7 doesn’t assuage Saudi Arabia’s considerations, the dominion might reply by manipulating oil manufacturing, deepening the worldwide power disaster.
No matter Saudi Arabia’s motive, Mohammed Bin Salman’s transfer underscores his rising affect on the world stage and the G7’s issue in successful assist from the so-called World South nations for Ukraine within the face of Russian aggression. That’s the reason Prince Mohammed is more and more positioning himself as a diplomatic pressure, saying he needs to mediate between Kiev and Moscow.
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