Saudi Arabia Warns of Economic Fallout if Congress Passes 9/11 Bill

It may be tricky and take time to dump billions of dollars in American assets, however, the Saudis could always trade oil in another currency overnight.  Similar threats lead to the removal of Saddam Hussein and Muammar Gaddafi.

Perhaps we’ll be seeing another “Arab spring” in Saudi Arabia soon.

 

WASHINGTON — Saudi Arabia has told the Obama administration and members of Congress that it will sell off hundreds of billions of dollars’ worth of American assets held by the kingdom if Congress passes a bill that would allow the Saudi government to be held responsible in American courts for any role in the Sept. 11, 2001, attacks.

The Obama administration has lobbied Congress to block the bill’s passage, according to administration officials and congressional aides from both parties, and the Saudi threats have been the subject of intense discussions in recent weeks between lawmakers and officials from the State Department and the Pentagon. The officials have warned senators of diplomatic and economic fallout from the legislation. Continue reading

Saudi Arabia prepares for Iran nuclear deal

Saudi Arabia is quietly preparing for an international nuclear agreement with Iran that it fears will rehabilitate its Shiite Persian rival. King Salman bin Abdul-Aziz al Saud’s approach eschews the public spectacle of Israeli Prime Minister Benjamin Netanyahu’s speech to Congress (indeed, the Saudis don’t want any association with Israel) and instead focuses on regional alliances to contain an emergent Iran.

The Saudis publicly welcomed Secretary of State John Kerry’s assurances in Riyadh last week that Washington will not accept a bad nuclear deal with Iran and that a deal will not inaugurate a grand rapprochement between Washington and Tehran. They remain deeply skeptical about the negotiations, however, and are preparing for any outcome in the P5+1 process. Continue reading