US Reaction to Saudi Arabia; Disrupting Global Economic Stability is Not in Riyadh's Interest

Josh Earnest, White House spokesman, reacted on Monday to reports about Saudi Arabia's warning to the United States regarding the economic consequences of a congressional proposal in the US, stating that Saudi Arabia is aware of its shared interests with the US in protecting the international financial system and that it is not in Riyadh's interest to disrupt the stability of this system. Earlier, The New York Times reported that Saudi Arabia warned officials in the Barack Obama administration that if a proposal in the US Congress that holds Riyadh responsible for the September 11 attacks is passed, the country would sell $750 billion of its assets in the US. According to Reuters, Josh Earnest made these remarks in response to a question on this issue. The report states that the Obama administration opposes the passage of this proposal in Congress and has warned lawmakers about the consequences of its approval. According to CNN, this proposal, which enjoys support from both the Republican and Democratic parties, allows the families of the victims of the September 11 attacks to sue Saudi Arabia in US courts. According to the report, White House and State Department officials have stated that Barack Obama will veto this proposal. Josh Earnest said that passing this proposal would carry many risks as other countries could also enact similar laws. The White House spokesman emphasized that it is unlikely the president would approve such a measure. Meanwhile, CNN reported that supporters of this proposal in Congress have intensified their efforts to pass it. Chuck Schumer, a Democratic senator from New York, stated that if Saudi Arabia played a role in terrorism, it should indeed be able to be sued in court. This Democratic senator added that this proposal allows the families of terrorism victims to sue Saudi Arabia in court; if Saudi Arabia was involved, it should bear the costs of such actions. This comes as Barack Obama is set to travel to Saudi Arabia this week to negotiate on combating terrorism. Last week, The New York Times reported that Adel al-Jubeir, the Saudi foreign minister, conveyed this warning to US officials during his visit to Washington last month. The New York Times noted that if this proposal nears approval, Saudi Arabia would have to transfer $750 billion of its assets in the United States before they risk being frozen by US courts. Reports from international media indicate that some economic experts do not believe Saudi Arabia would take such action as it is both difficult to implement and would paralyze the Saudi economy. Regardless, this threat is another sign of escalating tensions in Saudi-US relations. The relationship between the Obama administration and the Saudi government has soured somewhat since the Obama administration began negotiations with the Islamic Republic over Iran's nuclear activities and ultimately reached the so-called JCPOA agreement in the summer of 2015. Saudi Arabia has previously denied any involvement in the September 11 attacks. However, Osama bin Laden, the mastermind behind the New York terrorist incident, was from a family close to the Saudi government, and 15 of the 19 perpetrators of these attacks were Saudi nationals. The September 11 attacks resulted in the deaths of over three thousand people. The special commission established to investigate this event ultimately stated in its report that 'there is no evidence or documentation' of investment in al-Qaeda by the Saudi government or senior officials of the country. Nevertheless, a 2002 investigation conducted in the US Congress mentioned 'evidence' suggesting the involvement of some 'Saudi officials who were residing in the United States in 2001' in the conspiracy to attack the Twin Towers in Manhattan. According to The New York Times, the results of this 28-page investigation are still classified.