Saudi Arabia has threatened to sell American assets worth $750 bn dollars if the US congress pass a bill that would allow the Saudi government to be held responsible for any role in September 11, 2001 terror attack. The Obama administration is lobbying to block the passage of the bill which was introduced after pressure from the victims of the terror attack. Pressure is also mounting on Obama to declassify the 28 pages of the sealed 11/2001 documents.
New York times reported that Saudi foreign minister has communicated to the US Congress members that the Kingdom will be forced to sell off $750 billion in treasury securities and other assets in the US. Adel Al Jubeir , Saudi foreign minister is reportedly told the US congress that if the bill is passed these assets are in danger of being frozen by American Judiciary
The Obama administration is lobbying to block the passage of the bill which if passed will have serious diplomatic repercussions
The Saudis hold hundreds of billions of dollars’ worth of U.S. assets, and their sale would not only be a severe blow to the U.S., but also to the Saudis and the world economy. But many economists are of the view that it won’t be easy for the Saudi to sell of US assets in her possession.They think Saudi will not be able to withstand the turmoil it creates by selling of the US assets.
Saudi Arabia is already facing a economic problem due to the fall in the oil prices. The Kingdom has not lowered production ostensibly due to some geo political calculations
The controversial bill seek to take away the provisions in the existing laws in US gives to foreign nations. Victims of the September 11 terror attacks believes that are not able to bring the Saudi government to the court due to the immunity given to them through the Foreign Sovereign Immunities Act of 1976.
15 of the 19 men who hijacked four planes and flew them to targets 2001 were Saudi citizens. But the US commission established after the terror attacks concluded that there was no evidence to link the Saudi Government with the terrorists. But the US government has not made public the 28 pages of the investigation report. The report was submitted in 2004. President Obama is expected to take a decision on classifying the documents in June
Obama is travelling to Saudi Arabia Wednesday, but whether he will discuss the outstanding issues with the Saudi King is not sure.
Though US-Saudi relations have witnessed ups and downs, some of the decisions Obama took have created a trust deficit between the two countries. The nuclear agreement US and other permanent nations of UN security council had with Iran has come as irritant for Saudi Arabia.