US freezes $1 trillion in Saudi assets

WASHINGTON, Oct. 26 (YPA) – The United States on Wednesday froze huge Saudi assets in a new escalatory step between the two allies.

US media reported Biden administration’s refusal to release assets and bonds belonging to the Saudi government, amounting to $987 billion, and placed the Saudi assets under the protection of the national security and economy of the United States.

The Biden administration’s decision came after Riyadh threatened to sell bonds and assets in the United States if the US Congress approved the No Oil Producing and Exporting Cartels Act (NOPEC)’s resolution.

The new crisis is the deepest in the history of the two countries’ relations since before Saudi Arabia decided to reduce oil production in an unprecedented blow to Washington.

YPA

The crisis widened with the widespread circulation of media reports on the Saudi Crown Prince’s mocking of Biden.