And they won.
By Tyler Durden: In a fascinating geopolitical development, Bloomberg reports that Saudi Arabia privately hinted earlier this year it would sell some (or all) of its European debt holdings if the G-7 confiscated Russia's frozen assets.

As a reminder, we noted in May
the European Union had approved a US-backed plan to use profits and
interest generated from Russian assets to help arm Ukraine; however that
was a sharp reversal from the previously proposed plan - one which was
heavily promoted by Zelensky and Ukraine - to confiscate some $300
billion in Russian assets. Many were wondering what prompted the
reversal.
Now we know, and as Bloomberg notes "the Kingdom’s finance ministry told some G-7 counterparts of its opposition to the idea, which was meant to support Ukraine, with one person describing it as a veiled threat." The Saudis specifically mentioned debt issued by the French treasury, two of the people said.
Most of the $300 billion in frozen Russian assets are held in
Europe - particularly France, Germany, and Belgium. Which makes today's
report from Bloomberg even more interesting from a geopolitical fissures
perspective, as it means that as a result of its ability to spark a
liquidation panic in Europe's unstable bond market, it has far more
leverage than Ukraine and the "virtue signaling" western media.