Its alleged threat to G7, according to which it would sell out European government bonds in the event of a seizure of frozen Russian dollars of $300 billion was imposed after Moscow invaded Ukraine. The reason for these feelings by G7 against this possibility is because Saudi Arabia is the world’s largest exporter of crude oil and its central bank has net exchange reserves of $445 billion. The state wealth fund also has assets of nearly $1 trillion. Neither the central bank, known as SAMA, nor the wealth fund analyse foreign assets by currency or country. However, it is known, according to the , that most of the placements are in dollars. Saudi Arabia holds $135 billion in US government bonds, according to the latest US government figures. Bloomberg’s information says there was little movement from G-7’s coins when Russian assets were first committed shortly after the full-scale invasion of Ukraine in February 2022. G-7 members also stated that there were not many reliable alternatives for the Gulf nation that could follow beyond the dollar and the euro. Saudi Arabia sells its oil in dollars, strengthening its status as the world’s main reserve currency.