Published: Wed, August 08, 2018
Worldwide | By Angelina Lucas

Saudi Arabia: 'There is nothing to mediate' in dispute with Canada

Saudi Arabia: 'There is nothing to mediate' in dispute with Canada

Russian Federation voiced support for Saudi Arabia in its worsening row with Canada on Wednesday, telling Ottawa it was unacceptable to lecture the kingdom on human rights. They further ended diplomatic ties, froze all new trade and investment and cancelled flights via their national carrier to Toronto.

"We are always going to speak up for human rights, we are always going to speak up for women's rights and that is not going to change", Freeland said.

Saudi Arabia has also stopped all medical treatment programs in Canada and is working on transferring all Saudi patients there to other countries, state media said Wednesday.

Analysts and regional officials say that Riyadh's actions have little to do with Canada; instead, the kingdom's actions are a broader signal to western governments that any criticism of its domestic policies is unacceptable.

The Financial Times (FT) reported the Saudi central bank and state pension funds had instructed their overseas asset managers to dispose of their Canadian equities, bonds and cash holdings "no matter the cost", citing unidentified sources.

Saudi Arabia on Sunday expelled Canada's ambassador in retaliation for Ottawa's call to free detained Saudi civil society activists.

War Threats Weigh on the Market
Lighthizer published a list of the $200 billion in products that would face the 10 percent tariff threshold several weeks ago. China upped the ante on Thursday in response to the Trump administration's latest move.

Watch the Canadian dollar trade in real-time here. According to Bloomberg, Saudi Arabia has invested about $6 billion into Canada since 2006.

Crown Prince Mohammed bin Salman recently went on a global tour touting proposed economic reforms and promoting his vision for the kingdom as "the next Europe".

Meanwhile, Saudi Arabia's main state wheat-buying agency, Saudi Grains Organization (SAGO), issued a notice to exporters that it will no longer buy Canadian wheat and barley.

The escalating trade battle between Canada and Saudi Arabia highlights the need for more pipelines to move oil and natural gas around the northern nation to improve its energy security, according to the Canadian oil industry's largest trade group.

Saudi students in Canadian universities have been given four weeks to pack their bags and leave the country as their scholarships have been suspended.

Canadian Prime Minister Justin Trudeau is reportedly expected to be pressed on the diplomatic crisis at a press conference in Montreal.

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