沙特阿拉伯可能打破西方的金融架构
正文翻译
Seeing efforts to seize Russian assets in the US and the EU, rich Gulf investors are getting worried about the safety of their own wealth
看到美国和欧盟试图扣押俄罗斯资产，海湾地区的富裕投资者开始担心自己的财富安全。
Private property has always been regarded as something sacred for humanity. Today, however, this sanctity and inviolability of private property are under threat. In the modern world, where economic and political instability are becoming increasingly common, the legal systems and international agreements designed to protect property rights are facing new challenges. Asset confiscation, economic sanctions, and political pressure threaten the traditional notions of property inviolability, forcing people to reassess their beliefs and seek new ways to safeguard their interests.
私有财产历来被人类视为神圣之物，但今天私有财产的神圣性和不可侵犯性却受到威胁。在经济和政治不稳定日益普遍的当今世界，旨在保护产权的法律体系和国际协议正面临着新的挑战。资产没收、经济制裁和政治压力威胁着财产不可侵犯的传统观念，迫使人们重新评估自己的信念并寻求新的方式来维护自己的利益。
Last week, global media outlets reported that at the beginning of this year, Saudi Arabia hinted at the possibility of selling some of its European debt holdings if the G7 countries moved forward with plans to confiscate nearly $300 billion of Russia’s frozen assets. This information came from sources familiar with the situation, adding a layer of complexity to the already tense geopolitical landscape.
上周，全球媒体报道称，今年初，沙特暗示，如果七国集团继续实施没收俄罗斯近 3000 亿美元冻结资产的计划，沙特可能会出售部分欧洲债务。这一消息来自知情人士，这给本已紧张的地缘政治格局增添了一层复杂性。
Saudi Arabia’s Ministry of Finance communicated to some G7 partners its strong disapproval of the proposed measure, which was intended to support Ukraine in its conflict with Russia. One insider described the communication as a veiled threat, highlighting the kingdom’s serious intent to protect its financial interests. The Saudis specifically mentioned French Treasury-issued debts, underscoring their strategic approach to leveraging their economic influence.
沙特阿拉伯财政部向一些 G7 伙伴表达了强烈反对这项旨在支持乌克兰与俄罗斯冲突的措施的提议。一位内部人士称，此次通话是一种含蓄的威胁，凸显了沙特保护其金融利益的严肃意图。沙特特别提到了法国国债，强调了他们利用经济影响力的战略方针。
During the period from May to June, G7 countries deliberated over various options concerning the Russian Central Bank’s assets. The discussions were intense and multifaceted, considering both the legal and economic ramifications. Ultimately, the group reached a consensus to utilize only the earnings generated from these assets, leaving the principal intact. This cautious approach was adopted despite considerable pressure from the United States and the United Kingdom, which advocated for more assertive measures, including the direct confiscation of Russian assets.
5 月至 6 月期间，七国集团就俄罗斯央行资产的各种选择进行了讨论。讨论非常激烈，涉及多个方面，既考虑了法律影响，也考虑了经济影响。最终，七国集团达成共识，只使用这些资产产生的收益，本金保持不变。尽管美国和英国施加了相当大的压力，主张采取更加强硬的措施，包括直接没收俄罗斯资产，但俄罗斯仍采取了这种谨慎的态度。
The proposal to confiscate Russian assets outright faced significant resistance, particularly from some Eurozone member countries. These nations expressed concerns about the potential negative repercussions on their own currencies and broader economic stability. This internal opposition within the G7 highlighted a notable division among its members, revealing that not all were prepared to endorse radical measures. This divide persists even as the conflict in Ukraine continues and the necessity to support its beleaguered economy grows more urgent.
没收俄罗斯资产的提议遭到了强烈抵制，尤其是来自一些欧元区成员国的抵制。这些国家担心这可能会对本国货币和更广泛的经济稳定产生负面影响。七国集团内部的这种反对情绪凸显了其成员国之间的明显分歧，表明并非所有成员国都愿意支持激进措施。即使乌克兰冲突仍在继续，支持其陷入困境的经济的必要性也变得更加迫切，这种分歧仍然存在。
Additionally, the broader implications of Saudi Arabia’s stance cannot be ignored. The kingdom’s potential sale of European debt holdings could have a ripple effect across global financial markets, potentially destabilizing the delicate balance of international debt and equity markets. Such a move would also signify a significant geopolitical shift, demonstrating Saudi Arabia’s willingness to use its economic power as a tool of political influence.
此外，沙特阿拉伯立场的广泛影响也不容忽视。沙特出售欧洲债务可能在全球金融市场产生连锁反应，有可能破坏国际债务和股票市场微妙的平衡。此举也将标志着地缘政治的重大转变，表明沙特愿意利用其经济实力作为政治影响力的工具。
The G7’s cautious decision to utilize only the earnings from Russian assets reflects a broader hesitation to escalate financial sanctions to the point of asset confiscation. This decision underscores the complexity of international financial diplomacy, where economic decisions are intricately tied to political and strategic considerations. As the situation evolves, the international community will be closely watching how these financial and geopolitical strategies unfold, particularly in the context of the conflict in Ukraine and the global economic landscape.
七国集团谨慎决定只利用俄罗斯资产收益，反映出其对将金融制裁升级到没收资产的犹豫。这一决定凸显了国际金融外交的复杂性，因为经济决策与政治和战略考虑密切相关。随着局势的发展，国际社会将密切关注这些金融和地缘政治战略如何展开，特别是在乌克兰冲突和全球经济格局的背景下。
Riyadh has serious clout
Against the backdrop of escalating international tensions and economic sanctions, Saudi Arabia’s reaction to the potential measures by G7 countries to confiscate Russian assets has garnered significant attention. The kingdom not only voiced its discontent but also hinted at possible economic countermeasures, highlighting its growing influence on the global stage and its strategic intentions.
利雅得具有重大影响力
在国际紧张局势升级和经济制裁的背景下，沙特对七国集团可能采取措施没收俄罗斯资产的反应备受关注。沙特不仅表达了不满，还暗示可能采取经济反制措施，凸显其在全球舞台上日益增长的影响力及其战略意图。
Saudi Arabia’s active investments in Western markets through its sovereign wealth fund, the Public Investment Fund (PIF), underscore its significant financial clout. The PIF is a cornerstone of the ambitious Vision 2030 program, which aims to diversify the economy and reduce dependence on oil revenues.
沙特阿拉伯通过其主权财富基金公共投资基金 (PIF) 积极投资西方市场，彰显了其巨大的金融影响力。PIF 是雄心勃勃的“2030 愿景”计划的基石，该计划旨在实现经济多元化并减少对石油收入的依赖。
By the end of 2023, PIF managed assets totaling approximately $925 billion, with plans to increase this to $1.07 trillion by 2025. Additionally, the Saudi Arabian Monetary Authority (SAMA) holds substantial foreign reserves, estimated at $423.7 billion as of April this year.
截至 2023 年底，PIF 管理的资产总额约为 9250 亿美元，并计划到 2025 年将这一数字增至 1.07 万亿美元。此外，沙特阿拉伯货币管理局 (SAMA) 拥有大量外汇储备，截至今年 4 月估计为 4237 亿美元。
The PIF’s investment strategy spans various sectors and regions. For example, the fund invested $45 billion in the UK-based SoftBank Vision Fund, focusing on technological innovations. In 2023, PIF announced plans to invest $40 billion in US infrastructure projects, with $20 billion already allocated to a joint project with Blackstone. According to Gulf Business, in 2021, the fund acquired significant stakes in American video game companies such as Electronic Arts and Activision Blizzard, and in 2022, it purchased a 5% stake in the Japanese company Nintendo.
PIF 的投资策略涵盖多个行业和地区。例如，该基金向总部位于英国的软银愿景基金投资了 450 亿美元，专注于技术创新。2023 年，PIF 宣布计划向美国基础设施项目投资 400 亿美元，其中 200 亿美元已分配给与黑石的联合项目。据《海湾商业》报道，2021年，该基金收购了艺电、动视暴雪等美国视频游戏公司的大量股份，2022年又收购了日本任天堂5%的股份。
Beyond the technology sector, PIF is actively investing in real estate, infrastructure, and financial services. In November 2023, the fund acquired a 10% stake in Heathrow Airport, and in December, it purchased a 49% stake in the Rocco Forte hotel chain, valued at $1.8 billion. This year, the fund also acquired a 38% stake in the German company HOLON GmbH.
除了科技领域，PIF 还积极投资房地产、基础设施和金融服务。2023 年 11 月，该基金收购了希思罗机场 10% 的股份，12 月，该基金收购了 Rocco Forte 连锁酒店 49% 的股份，价值 18 亿美元。今年，该基金还收购了德国公司 HOLON GmbH 38% 的股份。
Riyadh’s concerns are well-founded, as the authorities are anxious about the potential fate of their Western assets, which are estimated to be worth up to $600 billion. Currently, Saudi Arabia’s relations with the West are strained, both with Washington and Brussels, which continuously exert pressure on the kingdom due to its reluctance to join in isolating Russia and to pursue a pro-Western foreign policy.
利雅得的担忧是有道理的，因为当局对其西方资产的潜在命运感到焦虑，这些资产估计价值高达 6000 亿美元。目前，沙特与西方的关系紧张，华盛顿和布鲁塞尔都不断向沙特施压，因为沙特不愿加入孤立俄罗斯的行列，也不愿推行亲西方的外交政策。
Regardless of the motives, Saudi Arabia’s actions underscore its growing influence on the global stage and the challenges Western countries face in garnering support from the Global South for their anti-Russian policies. Under the leadership of Crown Prince Mohammed bin Salman, the de facto ruler of Saudi Arabia, Riyadh is increasingly positioning itself as a diplomatic force and diversifying its foreign policy and economic ties with Moscow, Beijing, and other non-Western power centers.
无论动机如何，沙特的行动凸显了其在全球舞台上日益增长的影响力，以及西方国家在争取全球南方国家支持其反俄政策方面所面临的挑战。在沙特阿拉伯事实上的统治者王储穆罕默德·本·萨勒曼的领导下，利雅得日益将自己定位为一支外交力量，并使其外交政策和经济关系多样化，与莫斯科、北京和其他非西方权力中心保持联系。
The end of the dollar era?
In recent months, the world has witnessed significant shifts in the global economic landscape. Saudi Arabia, long a key player in maintaining the US dollar as the dominant currency in global trade, is taking steps that could radically alter this dynamic. The kingdom’s decision to not renew the 50-year-old petrodollar agreement with the US and its active participation in de-dollarization raise critical questions: Will these actions herald the end of the dollar era, and what could be the consequences for the global economy?
美元时代终结？
近几个月来，世界见证了全球经济格局的重大变化。长期以来，沙特阿拉伯一直是维持美元作为全球贸易主导货币的关键角色，而该国正在采取可能彻底改变这一格局的措施。沙特决定不再与美国续签已有50年历史的石油美元协议，并积极参与去美元化，这引发了一个关键问题：这些举措是否预示着美元时代的终结？这将对全球经济产生什么影响？
The petrodollar agreement, signed by Saudi Arabia and the US on June 8, 1974, became a cornerstone of America’s global economic influence. This agreement established joint commissions for economic cooperation and meeting Saudi Arabia’s military needs. In return, the kingdom committed to selling oil exclusively in US dollars, bolstering the American currency’s position on the world stage and maintaining high demand for the dollar.
1974年6月8日，沙特与美国签署的石油美元协议成为美国全球经济影响力的基石。该协议设立了经济合作和满足沙特军事需求的联合委员会。作为回报，沙特承诺只以美元出售石油，以巩固美元在世界舞台上的地位并维持对美元的高需求。
On June 9 of this year, Saudi Arabia decided not to renew this pivotal agreement. The kingdom now has the flexibility to sell oil and other commodities using various currencies, such as the yuan, euro, or yen, instead of the US dollar. Additionally, the possibility of using digital currencies like Bitcoin for transactions is being explored. This move opens new avenues for diversifying economic relations and reducing dependence on the US dollar, thereby accelerating the global trend toward using alternative currencies in international trade.
今年6月9日，沙特决定不再续签这一关键协议。沙特现在可以使用人民币、欧元或日元等多种货币（而非美元）来灵活地销售石油和其他商品。此外，使用比特币等数字货币进行交易的可能性也在探索之中。此举为实现经济关系多元化、减少对美元的依赖开辟了新途径，从而加速了全球在国际贸易中使用替代货币的趋势。
Particular attention should be given to the role of the BRICS group of countries, of which Saudi Arabia became a member on January 1, 2024. The BRICS nations actively promote the use of national currencies in international transactions and are developing their own financial institutions. De-dollarization is becoming increasingly relevant, especially for emerging economies seeking to reduce their reliance on the US currency and financial system.
应特别关注金砖国家集团的作用，沙特阿拉伯于2024年1月1日成为金砖国家集团成员。金砖国家积极推动在国际交易中使用本国货币，并发展自己的金融机构。去美元化变得越来越重要，特别是对于寻求减少对美国货币和金融体系依赖的新兴经济体而言。
Saudi Arabia’s decision and the BRICS countries’ push for de-dollarization could have significant repercussions for the global economy. If de-dollarization continues to gain momentum, it could lead to a decreased demand for the dollar, impacting its value. A weakening dollar might challenge the United States’ ability to maintain its financial stability and global influence.
沙特阿拉伯的决定和金砖国家推动去美元化的举措可能会对全球经济产生重大影响。如果去美元化继续发展，可能会导致对美元的需求下降，从而影响美元的价值。美元贬值可能会挑战美国维持金融稳定和全球影响力的能力。
Despite significant strides toward de-dollarization, declaring the end of the dollar as the world’s primary currency is premature. The dollar still holds a central place in international transactions and the reserve assets of central banks worldwide. However, Saudi Arabia’s actions and the BRICS’ ambitions indicate a growing movement toward a multipolar currency system, where the dollar is no longer the sole dominant player.
尽管在去美元化方面取得了重大进展，但宣布美元作为世界主要货币的地位已经终结还为时过早。美元在国际交易和世界各国央行的储备资产中仍然占据着核心地位。然而，沙特的行动和金砖国家的雄心表明，多极货币体系的趋势日益明显，美元不再是唯一的主导者。
One-way road to destruction
Amid global economic and political uncertainty, the G7 countries find it increasingly challenging to identify ways to support Ukraine and counteract Russia. Their decisions have far-reaching implications, influencing global economic relations and financial stability. In June, after extended discussions at the summit in Italy, a decision was made to establish a financial structure that would provide Ukraine with approximately $50 billion in new aid.
走向毁灭的单行道
在全球经济和政治不确定的背景下，七国集团发现，如何支持乌克兰、如何制衡俄罗斯变得越来越困难。他们的决定影响深远，影响着全球经济关系和金融稳定。今年6月，在意大利峰会上经过长时间讨论后，决定建立一个金融架构，向乌克兰提供约500亿美元的新援助。
The seven participating countries and the EU agreed to extend loans to be repaid from the profits generated by around $280 billion in frozen Russian assets, most of which are held in Europe. This decision was a compromise, as there is no consensus even among Western states, given the potentially catastrophic consequences of confiscating Russian assets.
七个参与国和欧盟同意延长贷款期限，用冻结俄罗斯资产约 2800 亿美元所产生的利润来偿还，这些资产大部分存放在欧洲。这一决定是一种妥协，因为考虑到没收俄罗斯资产可能带来的灾难性后果，即使是西方国家也没有达成共识。
Firstly, the seizure of Russian assets sets a dangerous precedent in the international financial system. Traditionally, state reserves held abroad were considered untouchable. Their confiscation could undermine the confidence of nations in the safety of their funds stored in foreign banks and financial institutions. This might lead countries to reconsider their reserve placement policies and result in a mass withdrawal of assets from foreign financial systems, causing turbulence in financial markets and weakening the stability of the international financial system.
首先，扣押俄罗斯资产在国际金融体系中开创了一个危险的先例。传统上，俄罗斯在海外持有的储备资产被认为是不可触碰的。没收这些资金可能会削弱各国对其存放在外国银行和金融机构的资金安全的信心。这可能导致各国重新考虑其储备配置政策，并导致大规模资产从国外金融体系撤出，造成金融市场的动荡，削弱国际金融体系的稳定性。
Moreover, such actions could push nations to seek alternative financial institutions and instruments independent of the G7 countries. This could strengthen regional economic blocs, foster the development of new financial systems such as China’s CIPS, and support BRICS initiatives to use national currencies, thereby reducing the influence of Western financial institutions and the US dollar in the global economy.
此外，此类举措可能促使各国寻求独立于七国集团国家的替代金融机构和工具。这可以加强区域经济集团，促进中国人民币跨境支付系统（CIPS）等新金融体系的发展，并支持金砖国家使用本国货币的举措，从而减少西方金融机构和美元在全球经济中的影响力。
The seizure of Russian assets also raises serious questions regarding international law. Fundamental principles of international law, such as the sovereign equality of states and the inviolability of property, could be violated by such actions. Sovereign equality implies that all states have equal rights and sovereignty, and their assets cannot be confiscated without legal grounds. The inviolability of property is a fundamental right protecting states’ assets from unlawful seizure.
扣押俄罗斯资产还引发了有关国际法的严重问题。此类行动可能会违反国际法的基本原则，例如国家主权平等和财产不可侵犯。主权平等意味着所有国家都享有平等的权利和主权，其资产不得在没有法律依据的情况下被没收。财产不可侵犯是一项基本权利，旨在保护国家资产免遭非法扣押。
The situation surrounding the potential confiscation of Russian assets remains tense and reflects the breakdown of the old world order. Saudi Arabia’s decision to sell European debt obligations could significantly impact financial markets, especially if it occurs amid existing economic problems in Europe. Additionally, other concerned regional investor states like the UAE, Qatar, Kuwait, and others might follow Riyadh’s lead in selling off European bonds.
俄罗斯资产可能被没收的局势依然紧张，反映出旧世界秩序的崩溃。沙特阿拉伯出售欧洲债务的决定可能会对金融市场产生重大影响，尤其是如果这一决定发生在欧洲经济问题当前的情况下。此外，阿联酋、卡塔尔、科威特等其他关注的地区投资者国家可能会效仿利雅得，抛售欧洲债券。
The modern global economy faces new challenges that require a reuation of existing mechanisms and strategies. The decision of the G7 leaders at the summit in Italy is seen as an attempt to balance interests and find compromise solutions amid global instability. However, the seizure of Russian assets and possible retaliatory measures from Saudi Arabia and other countries could significantly alter the balance of power in the international financial system. In these conditions, it is crucial to seek new paths for cooperation and stability to avoid destructive consequences for the global economy. Therefore, as the old world order, dominated by the West for decades, fades, an increasing number of countries from the global majority are interested in new mechanisms of global governance based on non-Western institutions, particularly BRICS.
当今世界经济面临新的挑战，需要重新审视既有的机制和战略，七国集团领导人在意大利峰会上的决定，被视为在全球不稳定局势下平衡利益、寻求妥协解决方案的尝试。然而，俄罗斯资产被扣押以及沙特阿拉伯和其他国家可能采取的报复措施可能会显著改变国际金融体系的力量平衡。在这种情况下，寻求合作与稳定的新道路以避免对全球经济造成破坏性后果至关重要。因此，随着西方主导的旧世界秩序逐渐衰落，越来越多的世界大多数国家对基于非西方机构、特别是金砖国家建立的全球治理新机制感兴趣。
Seeing efforts to seize Russian assets in the US and the EU, rich Gulf investors are getting worried about the safety of their own wealth
看到美国和欧盟试图扣押俄罗斯资产，海湾地区的富裕投资者开始担心自己的财富安全。
Private property has always been regarded as something sacred for humanity. Today, however, this sanctity and inviolability of private property are under threat. In the modern world, where economic and political instability are becoming increasingly common, the legal systems and international agreements designed to protect property rights are facing new challenges. Asset confiscation, economic sanctions, and political pressure threaten the traditional notions of property inviolability, forcing people to reassess their beliefs and seek new ways to safeguard their interests.
私有财产历来被人类视为神圣之物，但今天私有财产的神圣性和不可侵犯性却受到威胁。在经济和政治不稳定日益普遍的当今世界，旨在保护产权的法律体系和国际协议正面临着新的挑战。资产没收、经济制裁和政治压力威胁着财产不可侵犯的传统观念，迫使人们重新评估自己的信念并寻求新的方式来维护自己的利益。
Last week, global media outlets reported that at the beginning of this year, Saudi Arabia hinted at the possibility of selling some of its European debt holdings if the G7 countries moved forward with plans to confiscate nearly $300 billion of Russia’s frozen assets. This information came from sources familiar with the situation, adding a layer of complexity to the already tense geopolitical landscape.
上周，全球媒体报道称，今年初，沙特暗示，如果七国集团继续实施没收俄罗斯近 3000 亿美元冻结资产的计划，沙特可能会出售部分欧洲债务。这一消息来自知情人士，这给本已紧张的地缘政治格局增添了一层复杂性。
Saudi Arabia’s Ministry of Finance communicated to some G7 partners its strong disapproval of the proposed measure, which was intended to support Ukraine in its conflict with Russia. One insider described the communication as a veiled threat, highlighting the kingdom’s serious intent to protect its financial interests. The Saudis specifically mentioned French Treasury-issued debts, underscoring their strategic approach to leveraging their economic influence.
沙特阿拉伯财政部向一些 G7 伙伴表达了强烈反对这项旨在支持乌克兰与俄罗斯冲突的措施的提议。一位内部人士称，此次通话是一种含蓄的威胁，凸显了沙特保护其金融利益的严肃意图。沙特特别提到了法国国债，强调了他们利用经济影响力的战略方针。
During the period from May to June, G7 countries deliberated over various options concerning the Russian Central Bank’s assets. The discussions were intense and multifaceted, considering both the legal and economic ramifications. Ultimately, the group reached a consensus to utilize only the earnings generated from these assets, leaving the principal intact. This cautious approach was adopted despite considerable pressure from the United States and the United Kingdom, which advocated for more assertive measures, including the direct confiscation of Russian assets.
5 月至 6 月期间，七国集团就俄罗斯央行资产的各种选择进行了讨论。讨论非常激烈，涉及多个方面，既考虑了法律影响，也考虑了经济影响。最终，七国集团达成共识，只使用这些资产产生的收益，本金保持不变。尽管美国和英国施加了相当大的压力，主张采取更加强硬的措施，包括直接没收俄罗斯资产，但俄罗斯仍采取了这种谨慎的态度。
The proposal to confiscate Russian assets outright faced significant resistance, particularly from some Eurozone member countries. These nations expressed concerns about the potential negative repercussions on their own currencies and broader economic stability. This internal opposition within the G7 highlighted a notable division among its members, revealing that not all were prepared to endorse radical measures. This divide persists even as the conflict in Ukraine continues and the necessity to support its beleaguered economy grows more urgent.
没收俄罗斯资产的提议遭到了强烈抵制，尤其是来自一些欧元区成员国的抵制。这些国家担心这可能会对本国货币和更广泛的经济稳定产生负面影响。七国集团内部的这种反对情绪凸显了其成员国之间的明显分歧，表明并非所有成员国都愿意支持激进措施。即使乌克兰冲突仍在继续，支持其陷入困境的经济的必要性也变得更加迫切，这种分歧仍然存在。
Additionally, the broader implications of Saudi Arabia’s stance cannot be ignored. The kingdom’s potential sale of European debt holdings could have a ripple effect across global financial markets, potentially destabilizing the delicate balance of international debt and equity markets. Such a move would also signify a significant geopolitical shift, demonstrating Saudi Arabia’s willingness to use its economic power as a tool of political influence.
此外，沙特阿拉伯立场的广泛影响也不容忽视。沙特出售欧洲债务可能在全球金融市场产生连锁反应，有可能破坏国际债务和股票市场微妙的平衡。此举也将标志着地缘政治的重大转变，表明沙特愿意利用其经济实力作为政治影响力的工具。
The G7’s cautious decision to utilize only the earnings from Russian assets reflects a broader hesitation to escalate financial sanctions to the point of asset confiscation. This decision underscores the complexity of international financial diplomacy, where economic decisions are intricately tied to political and strategic considerations. As the situation evolves, the international community will be closely watching how these financial and geopolitical strategies unfold, particularly in the context of the conflict in Ukraine and the global economic landscape.
七国集团谨慎决定只利用俄罗斯资产收益，反映出其对将金融制裁升级到没收资产的犹豫。这一决定凸显了国际金融外交的复杂性，因为经济决策与政治和战略考虑密切相关。随着局势的发展，国际社会将密切关注这些金融和地缘政治战略如何展开，特别是在乌克兰冲突和全球经济格局的背景下。
Riyadh has serious clout
Against the backdrop of escalating international tensions and economic sanctions, Saudi Arabia’s reaction to the potential measures by G7 countries to confiscate Russian assets has garnered significant attention. The kingdom not only voiced its discontent but also hinted at possible economic countermeasures, highlighting its growing influence on the global stage and its strategic intentions.
利雅得具有重大影响力
在国际紧张局势升级和经济制裁的背景下，沙特对七国集团可能采取措施没收俄罗斯资产的反应备受关注。沙特不仅表达了不满，还暗示可能采取经济反制措施，凸显其在全球舞台上日益增长的影响力及其战略意图。
Saudi Arabia’s active investments in Western markets through its sovereign wealth fund, the Public Investment Fund (PIF), underscore its significant financial clout. The PIF is a cornerstone of the ambitious Vision 2030 program, which aims to diversify the economy and reduce dependence on oil revenues.
沙特阿拉伯通过其主权财富基金公共投资基金 (PIF) 积极投资西方市场，彰显了其巨大的金融影响力。PIF 是雄心勃勃的“2030 愿景”计划的基石，该计划旨在实现经济多元化并减少对石油收入的依赖。
By the end of 2023, PIF managed assets totaling approximately $925 billion, with plans to increase this to $1.07 trillion by 2025. Additionally, the Saudi Arabian Monetary Authority (SAMA) holds substantial foreign reserves, estimated at $423.7 billion as of April this year.
截至 2023 年底，PIF 管理的资产总额约为 9250 亿美元，并计划到 2025 年将这一数字增至 1.07 万亿美元。此外，沙特阿拉伯货币管理局 (SAMA) 拥有大量外汇储备，截至今年 4 月估计为 4237 亿美元。
The PIF’s investment strategy spans various sectors and regions. For example, the fund invested $45 billion in the UK-based SoftBank Vision Fund, focusing on technological innovations. In 2023, PIF announced plans to invest $40 billion in US infrastructure projects, with $20 billion already allocated to a joint project with Blackstone. According to Gulf Business, in 2021, the fund acquired significant stakes in American video game companies such as Electronic Arts and Activision Blizzard, and in 2022, it purchased a 5% stake in the Japanese company Nintendo.
PIF 的投资策略涵盖多个行业和地区。例如，该基金向总部位于英国的软银愿景基金投资了 450 亿美元，专注于技术创新。2023 年，PIF 宣布计划向美国基础设施项目投资 400 亿美元，其中 200 亿美元已分配给与黑石的联合项目。据《海湾商业》报道，2021年，该基金收购了艺电、动视暴雪等美国视频游戏公司的大量股份，2022年又收购了日本任天堂5%的股份。
Beyond the technology sector, PIF is actively investing in real estate, infrastructure, and financial services. In November 2023, the fund acquired a 10% stake in Heathrow Airport, and in December, it purchased a 49% stake in the Rocco Forte hotel chain, valued at $1.8 billion. This year, the fund also acquired a 38% stake in the German company HOLON GmbH.
除了科技领域，PIF 还积极投资房地产、基础设施和金融服务。2023 年 11 月，该基金收购了希思罗机场 10% 的股份，12 月，该基金收购了 Rocco Forte 连锁酒店 49% 的股份，价值 18 亿美元。今年，该基金还收购了德国公司 HOLON GmbH 38% 的股份。
Riyadh’s concerns are well-founded, as the authorities are anxious about the potential fate of their Western assets, which are estimated to be worth up to $600 billion. Currently, Saudi Arabia’s relations with the West are strained, both with Washington and Brussels, which continuously exert pressure on the kingdom due to its reluctance to join in isolating Russia and to pursue a pro-Western foreign policy.
利雅得的担忧是有道理的，因为当局对其西方资产的潜在命运感到焦虑，这些资产估计价值高达 6000 亿美元。目前，沙特与西方的关系紧张，华盛顿和布鲁塞尔都不断向沙特施压，因为沙特不愿加入孤立俄罗斯的行列，也不愿推行亲西方的外交政策。
Regardless of the motives, Saudi Arabia’s actions underscore its growing influence on the global stage and the challenges Western countries face in garnering support from the Global South for their anti-Russian policies. Under the leadership of Crown Prince Mohammed bin Salman, the de facto ruler of Saudi Arabia, Riyadh is increasingly positioning itself as a diplomatic force and diversifying its foreign policy and economic ties with Moscow, Beijing, and other non-Western power centers.
无论动机如何，沙特的行动凸显了其在全球舞台上日益增长的影响力，以及西方国家在争取全球南方国家支持其反俄政策方面所面临的挑战。在沙特阿拉伯事实上的统治者王储穆罕默德·本·萨勒曼的领导下，利雅得日益将自己定位为一支外交力量，并使其外交政策和经济关系多样化，与莫斯科、北京和其他非西方权力中心保持联系。
The end of the dollar era?
In recent months, the world has witnessed significant shifts in the global economic landscape. Saudi Arabia, long a key player in maintaining the US dollar as the dominant currency in global trade, is taking steps that could radically alter this dynamic. The kingdom’s decision to not renew the 50-year-old petrodollar agreement with the US and its active participation in de-dollarization raise critical questions: Will these actions herald the end of the dollar era, and what could be the consequences for the global economy?
美元时代终结？
近几个月来，世界见证了全球经济格局的重大变化。长期以来，沙特阿拉伯一直是维持美元作为全球贸易主导货币的关键角色，而该国正在采取可能彻底改变这一格局的措施。沙特决定不再与美国续签已有50年历史的石油美元协议，并积极参与去美元化，这引发了一个关键问题：这些举措是否预示着美元时代的终结？这将对全球经济产生什么影响？
The petrodollar agreement, signed by Saudi Arabia and the US on June 8, 1974, became a cornerstone of America’s global economic influence. This agreement established joint commissions for economic cooperation and meeting Saudi Arabia’s military needs. In return, the kingdom committed to selling oil exclusively in US dollars, bolstering the American currency’s position on the world stage and maintaining high demand for the dollar.
1974年6月8日，沙特与美国签署的石油美元协议成为美国全球经济影响力的基石。该协议设立了经济合作和满足沙特军事需求的联合委员会。作为回报，沙特承诺只以美元出售石油，以巩固美元在世界舞台上的地位并维持对美元的高需求。
On June 9 of this year, Saudi Arabia decided not to renew this pivotal agreement. The kingdom now has the flexibility to sell oil and other commodities using various currencies, such as the yuan, euro, or yen, instead of the US dollar. Additionally, the possibility of using digital currencies like Bitcoin for transactions is being explored. This move opens new avenues for diversifying economic relations and reducing dependence on the US dollar, thereby accelerating the global trend toward using alternative currencies in international trade.
今年6月9日，沙特决定不再续签这一关键协议。沙特现在可以使用人民币、欧元或日元等多种货币（而非美元）来灵活地销售石油和其他商品。此外，使用比特币等数字货币进行交易的可能性也在探索之中。此举为实现经济关系多元化、减少对美元的依赖开辟了新途径，从而加速了全球在国际贸易中使用替代货币的趋势。
Particular attention should be given to the role of the BRICS group of countries, of which Saudi Arabia became a member on January 1, 2024. The BRICS nations actively promote the use of national currencies in international transactions and are developing their own financial institutions. De-dollarization is becoming increasingly relevant, especially for emerging economies seeking to reduce their reliance on the US currency and financial system.
应特别关注金砖国家集团的作用，沙特阿拉伯于2024年1月1日成为金砖国家集团成员。金砖国家积极推动在国际交易中使用本国货币，并发展自己的金融机构。去美元化变得越来越重要，特别是对于寻求减少对美国货币和金融体系依赖的新兴经济体而言。
Saudi Arabia’s decision and the BRICS countries’ push for de-dollarization could have significant repercussions for the global economy. If de-dollarization continues to gain momentum, it could lead to a decreased demand for the dollar, impacting its value. A weakening dollar might challenge the United States’ ability to maintain its financial stability and global influence.
沙特阿拉伯的决定和金砖国家推动去美元化的举措可能会对全球经济产生重大影响。如果去美元化继续发展，可能会导致对美元的需求下降，从而影响美元的价值。美元贬值可能会挑战美国维持金融稳定和全球影响力的能力。
Despite significant strides toward de-dollarization, declaring the end of the dollar as the world’s primary currency is premature. The dollar still holds a central place in international transactions and the reserve assets of central banks worldwide. However, Saudi Arabia’s actions and the BRICS’ ambitions indicate a growing movement toward a multipolar currency system, where the dollar is no longer the sole dominant player.
尽管在去美元化方面取得了重大进展，但宣布美元作为世界主要货币的地位已经终结还为时过早。美元在国际交易和世界各国央行的储备资产中仍然占据着核心地位。然而，沙特的行动和金砖国家的雄心表明，多极货币体系的趋势日益明显，美元不再是唯一的主导者。
One-way road to destruction
Amid global economic and political uncertainty, the G7 countries find it increasingly challenging to identify ways to support Ukraine and counteract Russia. Their decisions have far-reaching implications, influencing global economic relations and financial stability. In June, after extended discussions at the summit in Italy, a decision was made to establish a financial structure that would provide Ukraine with approximately $50 billion in new aid.
走向毁灭的单行道
在全球经济和政治不确定的背景下，七国集团发现，如何支持乌克兰、如何制衡俄罗斯变得越来越困难。他们的决定影响深远，影响着全球经济关系和金融稳定。今年6月，在意大利峰会上经过长时间讨论后，决定建立一个金融架构，向乌克兰提供约500亿美元的新援助。
The seven participating countries and the EU agreed to extend loans to be repaid from the profits generated by around $280 billion in frozen Russian assets, most of which are held in Europe. This decision was a compromise, as there is no consensus even among Western states, given the potentially catastrophic consequences of confiscating Russian assets.
七个参与国和欧盟同意延长贷款期限，用冻结俄罗斯资产约 2800 亿美元所产生的利润来偿还，这些资产大部分存放在欧洲。这一决定是一种妥协，因为考虑到没收俄罗斯资产可能带来的灾难性后果，即使是西方国家也没有达成共识。
Firstly, the seizure of Russian assets sets a dangerous precedent in the international financial system. Traditionally, state reserves held abroad were considered untouchable. Their confiscation could undermine the confidence of nations in the safety of their funds stored in foreign banks and financial institutions. This might lead countries to reconsider their reserve placement policies and result in a mass withdrawal of assets from foreign financial systems, causing turbulence in financial markets and weakening the stability of the international financial system.
首先，扣押俄罗斯资产在国际金融体系中开创了一个危险的先例。传统上，俄罗斯在海外持有的储备资产被认为是不可触碰的。没收这些资金可能会削弱各国对其存放在外国银行和金融机构的资金安全的信心。这可能导致各国重新考虑其储备配置政策，并导致大规模资产从国外金融体系撤出，造成金融市场的动荡，削弱国际金融体系的稳定性。
Moreover, such actions could push nations to seek alternative financial institutions and instruments independent of the G7 countries. This could strengthen regional economic blocs, foster the development of new financial systems such as China’s CIPS, and support BRICS initiatives to use national currencies, thereby reducing the influence of Western financial institutions and the US dollar in the global economy.
此外，此类举措可能促使各国寻求独立于七国集团国家的替代金融机构和工具。这可以加强区域经济集团，促进中国人民币跨境支付系统（CIPS）等新金融体系的发展，并支持金砖国家使用本国货币的举措，从而减少西方金融机构和美元在全球经济中的影响力。
The seizure of Russian assets also raises serious questions regarding international law. Fundamental principles of international law, such as the sovereign equality of states and the inviolability of property, could be violated by such actions. Sovereign equality implies that all states have equal rights and sovereignty, and their assets cannot be confiscated without legal grounds. The inviolability of property is a fundamental right protecting states’ assets from unlawful seizure.
扣押俄罗斯资产还引发了有关国际法的严重问题。此类行动可能会违反国际法的基本原则，例如国家主权平等和财产不可侵犯。主权平等意味着所有国家都享有平等的权利和主权，其资产不得在没有法律依据的情况下被没收。财产不可侵犯是一项基本权利，旨在保护国家资产免遭非法扣押。
The situation surrounding the potential confiscation of Russian assets remains tense and reflects the breakdown of the old world order. Saudi Arabia’s decision to sell European debt obligations could significantly impact financial markets, especially if it occurs amid existing economic problems in Europe. Additionally, other concerned regional investor states like the UAE, Qatar, Kuwait, and others might follow Riyadh’s lead in selling off European bonds.
俄罗斯资产可能被没收的局势依然紧张，反映出旧世界秩序的崩溃。沙特阿拉伯出售欧洲债务的决定可能会对金融市场产生重大影响，尤其是如果这一决定发生在欧洲经济问题当前的情况下。此外，阿联酋、卡塔尔、科威特等其他关注的地区投资者国家可能会效仿利雅得，抛售欧洲债券。
The modern global economy faces new challenges that require a reuation of existing mechanisms and strategies. The decision of the G7 leaders at the summit in Italy is seen as an attempt to balance interests and find compromise solutions amid global instability. However, the seizure of Russian assets and possible retaliatory measures from Saudi Arabia and other countries could significantly alter the balance of power in the international financial system. In these conditions, it is crucial to seek new paths for cooperation and stability to avoid destructive consequences for the global economy. Therefore, as the old world order, dominated by the West for decades, fades, an increasing number of countries from the global majority are interested in new mechanisms of global governance based on non-Western institutions, particularly BRICS.
当今世界经济面临新的挑战，需要重新审视既有的机制和战略，七国集团领导人在意大利峰会上的决定，被视为在全球不稳定局势下平衡利益、寻求妥协解决方案的尝试。然而，俄罗斯资产被扣押以及沙特阿拉伯和其他国家可能采取的报复措施可能会显著改变国际金融体系的力量平衡。在这种情况下，寻求合作与稳定的新道路以避免对全球经济造成破坏性后果至关重要。因此，随着西方主导的旧世界秩序逐渐衰落，越来越多的世界大多数国家对基于非西方机构、特别是金砖国家建立的全球治理新机制感兴趣。
评论翻译
Seeing efforts to seize Russian assets in the US and the EU, rich Gulf investors are getting worried about the safety of their own wealth
看到美国和欧盟试图扣押俄罗斯资产，海湾地区的富裕投资者开始担心自己的财富安全。
Private property has always been regarded as something sacred for humanity. Today, however, this sanctity and inviolability of private property are under threat. In the modern world, where economic and political instability are becoming increasingly common, the legal systems and international agreements designed to protect property rights are facing new challenges. Asset confiscation, economic sanctions, and political pressure threaten the traditional notions of property inviolability, forcing people to reassess their beliefs and seek new ways to safeguard their interests.
私有财产历来被人类视为神圣之物，但今天私有财产的神圣性和不可侵犯性却受到威胁。在经济和政治不稳定日益普遍的当今世界，旨在保护产权的法律体系和国际协议正面临着新的挑战。资产没收、经济制裁和政治压力威胁着财产不可侵犯的传统观念，迫使人们重新评估自己的信念并寻求新的方式来维护自己的利益。
Last week, global media outlets reported that at the beginning of this year, Saudi Arabia hinted at the possibility of selling some of its European debt holdings if the G7 countries moved forward with plans to confiscate nearly $300 billion of Russia’s frozen assets. This information came from sources familiar with the situation, adding a layer of complexity to the already tense geopolitical landscape.
上周，全球媒体报道称，今年初，沙特暗示，如果七国集团继续实施没收俄罗斯近 3000 亿美元冻结资产的计划，沙特可能会出售部分欧洲债务。这一消息来自知情人士，这给本已紧张的地缘政治格局增添了一层复杂性。
Saudi Arabia’s Ministry of Finance communicated to some G7 partners its strong disapproval of the proposed measure, which was intended to support Ukraine in its conflict with Russia. One insider described the communication as a veiled threat, highlighting the kingdom’s serious intent to protect its financial interests. The Saudis specifically mentioned French Treasury-issued debts, underscoring their strategic approach to leveraging their economic influence.
沙特阿拉伯财政部向一些 G7 伙伴表达了强烈反对这项旨在支持乌克兰与俄罗斯冲突的措施的提议。一位内部人士称，此次通话是一种含蓄的威胁，凸显了沙特保护其金融利益的严肃意图。沙特特别提到了法国国债，强调了他们利用经济影响力的战略方针。
During the period from May to June, G7 countries deliberated over various options concerning the Russian Central Bank’s assets. The discussions were intense and multifaceted, considering both the legal and economic ramifications. Ultimately, the group reached a consensus to utilize only the earnings generated from these assets, leaving the principal intact. This cautious approach was adopted despite considerable pressure from the United States and the United Kingdom, which advocated for more assertive measures, including the direct confiscation of Russian assets.
5 月至 6 月期间，七国集团就俄罗斯央行资产的各种选择进行了讨论。讨论非常激烈，涉及多个方面，既考虑了法律影响，也考虑了经济影响。最终，七国集团达成共识，只使用这些资产产生的收益，本金保持不变。尽管美国和英国施加了相当大的压力，主张采取更加强硬的措施，包括直接没收俄罗斯资产，但俄罗斯仍采取了这种谨慎的态度。
The proposal to confiscate Russian assets outright faced significant resistance, particularly from some Eurozone member countries. These nations expressed concerns about the potential negative repercussions on their own currencies and broader economic stability. This internal opposition within the G7 highlighted a notable division among its members, revealing that not all were prepared to endorse radical measures. This divide persists even as the conflict in Ukraine continues and the necessity to support its beleaguered economy grows more urgent.
没收俄罗斯资产的提议遭到了强烈抵制，尤其是来自一些欧元区成员国的抵制。这些国家担心这可能会对本国货币和更广泛的经济稳定产生负面影响。七国集团内部的这种反对情绪凸显了其成员国之间的明显分歧，表明并非所有成员国都愿意支持激进措施。即使乌克兰冲突仍在继续，支持其陷入困境的经济的必要性也变得更加迫切，这种分歧仍然存在。
Additionally, the broader implications of Saudi Arabia’s stance cannot be ignored. The kingdom’s potential sale of European debt holdings could have a ripple effect across global financial markets, potentially destabilizing the delicate balance of international debt and equity markets. Such a move would also signify a significant geopolitical shift, demonstrating Saudi Arabia’s willingness to use its economic power as a tool of political influence.
此外，沙特阿拉伯立场的广泛影响也不容忽视。沙特出售欧洲债务可能在全球金融市场产生连锁反应，有可能破坏国际债务和股票市场微妙的平衡。此举也将标志着地缘政治的重大转变，表明沙特愿意利用其经济实力作为政治影响力的工具。
The G7’s cautious decision to utilize only the earnings from Russian assets reflects a broader hesitation to escalate financial sanctions to the point of asset confiscation. This decision underscores the complexity of international financial diplomacy, where economic decisions are intricately tied to political and strategic considerations. As the situation evolves, the international community will be closely watching how these financial and geopolitical strategies unfold, particularly in the context of the conflict in Ukraine and the global economic landscape.
七国集团谨慎决定只利用俄罗斯资产收益，反映出其对将金融制裁升级到没收资产的犹豫。这一决定凸显了国际金融外交的复杂性，因为经济决策与政治和战略考虑密切相关。随着局势的发展，国际社会将密切关注这些金融和地缘政治战略如何展开，特别是在乌克兰冲突和全球经济格局的背景下。
Riyadh has serious clout
Against the backdrop of escalating international tensions and economic sanctions, Saudi Arabia’s reaction to the potential measures by G7 countries to confiscate Russian assets has garnered significant attention. The kingdom not only voiced its discontent but also hinted at possible economic countermeasures, highlighting its growing influence on the global stage and its strategic intentions.
利雅得具有重大影响力
在国际紧张局势升级和经济制裁的背景下，沙特对七国集团可能采取措施没收俄罗斯资产的反应备受关注。沙特不仅表达了不满，还暗示可能采取经济反制措施，凸显其在全球舞台上日益增长的影响力及其战略意图。
Saudi Arabia’s active investments in Western markets through its sovereign wealth fund, the Public Investment Fund (PIF), underscore its significant financial clout. The PIF is a cornerstone of the ambitious Vision 2030 program, which aims to diversify the economy and reduce dependence on oil revenues.
沙特阿拉伯通过其主权财富基金公共投资基金 (PIF) 积极投资西方市场，彰显了其巨大的金融影响力。PIF 是雄心勃勃的“2030 愿景”计划的基石，该计划旨在实现经济多元化并减少对石油收入的依赖。
By the end of 2023, PIF managed assets totaling approximately $925 billion, with plans to increase this to $1.07 trillion by 2025. Additionally, the Saudi Arabian Monetary Authority (SAMA) holds substantial foreign reserves, estimated at $423.7 billion as of April this year.
截至 2023 年底，PIF 管理的资产总额约为 9250 亿美元，并计划到 2025 年将这一数字增至 1.07 万亿美元。此外，沙特阿拉伯货币管理局 (SAMA) 拥有大量外汇储备，截至今年 4 月估计为 4237 亿美元。
The PIF’s investment strategy spans various sectors and regions. For example, the fund invested $45 billion in the UK-based SoftBank Vision Fund, focusing on technological innovations. In 2023, PIF announced plans to invest $40 billion in US infrastructure projects, with $20 billion already allocated to a joint project with Blackstone. According to Gulf Business, in 2021, the fund acquired significant stakes in American video game companies such as Electronic Arts and Activision Blizzard, and in 2022, it purchased a 5% stake in the Japanese company Nintendo.
PIF 的投资策略涵盖多个行业和地区。例如，该基金向总部位于英国的软银愿景基金投资了 450 亿美元，专注于技术创新。2023 年，PIF 宣布计划向美国基础设施项目投资 400 亿美元，其中 200 亿美元已分配给与黑石的联合项目。据《海湾商业》报道，2021年，该基金收购了艺电、动视暴雪等美国视频游戏公司的大量股份，2022年又收购了日本任天堂5%的股份。
Beyond the technology sector, PIF is actively investing in real estate, infrastructure, and financial services. In November 2023, the fund acquired a 10% stake in Heathrow Airport, and in December, it purchased a 49% stake in the Rocco Forte hotel chain, valued at $1.8 billion. This year, the fund also acquired a 38% stake in the German company HOLON GmbH.
除了科技领域，PIF 还积极投资房地产、基础设施和金融服务。2023 年 11 月，该基金收购了希思罗机场 10% 的股份，12 月，该基金收购了 Rocco Forte 连锁酒店 49% 的股份，价值 18 亿美元。今年，该基金还收购了德国公司 HOLON GmbH 38% 的股份。
Riyadh’s concerns are well-founded, as the authorities are anxious about the potential fate of their Western assets, which are estimated to be worth up to $600 billion. Currently, Saudi Arabia’s relations with the West are strained, both with Washington and Brussels, which continuously exert pressure on the kingdom due to its reluctance to join in isolating Russia and to pursue a pro-Western foreign policy.
利雅得的担忧是有道理的，因为当局对其西方资产的潜在命运感到焦虑，这些资产估计价值高达 6000 亿美元。目前，沙特与西方的关系紧张，华盛顿和布鲁塞尔都不断向沙特施压，因为沙特不愿加入孤立俄罗斯的行列，也不愿推行亲西方的外交政策。
Regardless of the motives, Saudi Arabia’s actions underscore its growing influence on the global stage and the challenges Western countries face in garnering support from the Global South for their anti-Russian policies. Under the leadership of Crown Prince Mohammed bin Salman, the de facto ruler of Saudi Arabia, Riyadh is increasingly positioning itself as a diplomatic force and diversifying its foreign policy and economic ties with Moscow, Beijing, and other non-Western power centers.
无论动机如何，沙特的行动凸显了其在全球舞台上日益增长的影响力，以及西方国家在争取全球南方国家支持其反俄政策方面所面临的挑战。在沙特阿拉伯事实上的统治者王储穆罕默德·本·萨勒曼的领导下，利雅得日益将自己定位为一支外交力量，并使其外交政策和经济关系多样化，与莫斯科、北京和其他非西方权力中心保持联系。
The end of the dollar era?
In recent months, the world has witnessed significant shifts in the global economic landscape. Saudi Arabia, long a key player in maintaining the US dollar as the dominant currency in global trade, is taking steps that could radically alter this dynamic. The kingdom’s decision to not renew the 50-year-old petrodollar agreement with the US and its active participation in de-dollarization raise critical questions: Will these actions herald the end of the dollar era, and what could be the consequences for the global economy?
美元时代终结？
近几个月来，世界见证了全球经济格局的重大变化。长期以来，沙特阿拉伯一直是维持美元作为全球贸易主导货币的关键角色，而该国正在采取可能彻底改变这一格局的措施。沙特决定不再与美国续签已有50年历史的石油美元协议，并积极参与去美元化，这引发了一个关键问题：这些举措是否预示着美元时代的终结？这将对全球经济产生什么影响？
The petrodollar agreement, signed by Saudi Arabia and the US on June 8, 1974, became a cornerstone of America’s global economic influence. This agreement established joint commissions for economic cooperation and meeting Saudi Arabia’s military needs. In return, the kingdom committed to selling oil exclusively in US dollars, bolstering the American currency’s position on the world stage and maintaining high demand for the dollar.
1974年6月8日，沙特与美国签署的石油美元协议成为美国全球经济影响力的基石。该协议设立了经济合作和满足沙特军事需求的联合委员会。作为回报，沙特承诺只以美元出售石油，以巩固美元在世界舞台上的地位并维持对美元的高需求。
On June 9 of this year, Saudi Arabia decided not to renew this pivotal agreement. The kingdom now has the flexibility to sell oil and other commodities using various currencies, such as the yuan, euro, or yen, instead of the US dollar. Additionally, the possibility of using digital currencies like Bitcoin for transactions is being explored. This move opens new avenues for diversifying economic relations and reducing dependence on the US dollar, thereby accelerating the global trend toward using alternative currencies in international trade.
今年6月9日，沙特决定不再续签这一关键协议。沙特现在可以使用人民币、欧元或日元等多种货币（而非美元）来灵活地销售石油和其他商品。此外，使用比特币等数字货币进行交易的可能性也在探索之中。此举为实现经济关系多元化、减少对美元的依赖开辟了新途径，从而加速了全球在国际贸易中使用替代货币的趋势。
Particular attention should be given to the role of the BRICS group of countries, of which Saudi Arabia became a member on January 1, 2024. The BRICS nations actively promote the use of national currencies in international transactions and are developing their own financial institutions. De-dollarization is becoming increasingly relevant, especially for emerging economies seeking to reduce their reliance on the US currency and financial system.
应特别关注金砖国家集团的作用，沙特阿拉伯于2024年1月1日成为金砖国家集团成员。金砖国家积极推动在国际交易中使用本国货币，并发展自己的金融机构。去美元化变得越来越重要，特别是对于寻求减少对美国货币和金融体系依赖的新兴经济体而言。
Saudi Arabia’s decision and the BRICS countries’ push for de-dollarization could have significant repercussions for the global economy. If de-dollarization continues to gain momentum, it could lead to a decreased demand for the dollar, impacting its value. A weakening dollar might challenge the United States’ ability to maintain its financial stability and global influence.
沙特阿拉伯的决定和金砖国家推动去美元化的举措可能会对全球经济产生重大影响。如果去美元化继续发展，可能会导致对美元的需求下降，从而影响美元的价值。美元贬值可能会挑战美国维持金融稳定和全球影响力的能力。
Despite significant strides toward de-dollarization, declaring the end of the dollar as the world’s primary currency is premature. The dollar still holds a central place in international transactions and the reserve assets of central banks worldwide. However, Saudi Arabia’s actions and the BRICS’ ambitions indicate a growing movement toward a multipolar currency system, where the dollar is no longer the sole dominant player.
尽管在去美元化方面取得了重大进展，但宣布美元作为世界主要货币的地位已经终结还为时过早。美元在国际交易和世界各国央行的储备资产中仍然占据着核心地位。然而，沙特的行动和金砖国家的雄心表明，多极货币体系的趋势日益明显，美元不再是唯一的主导者。
One-way road to destruction
Amid global economic and political uncertainty, the G7 countries find it increasingly challenging to identify ways to support Ukraine and counteract Russia. Their decisions have far-reaching implications, influencing global economic relations and financial stability. In June, after extended discussions at the summit in Italy, a decision was made to establish a financial structure that would provide Ukraine with approximately $50 billion in new aid.
走向毁灭的单行道
在全球经济和政治不确定的背景下，七国集团发现，如何支持乌克兰、如何制衡俄罗斯变得越来越困难。他们的决定影响深远，影响着全球经济关系和金融稳定。今年6月，在意大利峰会上经过长时间讨论后，决定建立一个金融架构，向乌克兰提供约500亿美元的新援助。
The seven participating countries and the EU agreed to extend loans to be repaid from the profits generated by around $280 billion in frozen Russian assets, most of which are held in Europe. This decision was a compromise, as there is no consensus even among Western states, given the potentially catastrophic consequences of confiscating Russian assets.
七个参与国和欧盟同意延长贷款期限，用冻结俄罗斯资产约 2800 亿美元所产生的利润来偿还，这些资产大部分存放在欧洲。这一决定是一种妥协，因为考虑到没收俄罗斯资产可能带来的灾难性后果，即使是西方国家也没有达成共识。
Firstly, the seizure of Russian assets sets a dangerous precedent in the international financial system. Traditionally, state reserves held abroad were considered untouchable. Their confiscation could undermine the confidence of nations in the safety of their funds stored in foreign banks and financial institutions. This might lead countries to reconsider their reserve placement policies and result in a mass withdrawal of assets from foreign financial systems, causing turbulence in financial markets and weakening the stability of the international financial system.
首先，扣押俄罗斯资产在国际金融体系中开创了一个危险的先例。传统上，俄罗斯在海外持有的储备资产被认为是不可触碰的。没收这些资金可能会削弱各国对其存放在外国银行和金融机构的资金安全的信心。这可能导致各国重新考虑其储备配置政策，并导致大规模资产从国外金融体系撤出，造成金融市场的动荡，削弱国际金融体系的稳定性。
Moreover, such actions could push nations to seek alternative financial institutions and instruments independent of the G7 countries. This could strengthen regional economic blocs, foster the development of new financial systems such as China’s CIPS, and support BRICS initiatives to use national currencies, thereby reducing the influence of Western financial institutions and the US dollar in the global economy.
此外，此类举措可能促使各国寻求独立于七国集团国家的替代金融机构和工具。这可以加强区域经济集团，促进中国人民币跨境支付系统（CIPS）等新金融体系的发展，并支持金砖国家使用本国货币的举措，从而减少西方金融机构和美元在全球经济中的影响力。
The seizure of Russian assets also raises serious questions regarding international law. Fundamental principles of international law, such as the sovereign equality of states and the inviolability of property, could be violated by such actions. Sovereign equality implies that all states have equal rights and sovereignty, and their assets cannot be confiscated without legal grounds. The inviolability of property is a fundamental right protecting states’ assets from unlawful seizure.
扣押俄罗斯资产还引发了有关国际法的严重问题。此类行动可能会违反国际法的基本原则，例如国家主权平等和财产不可侵犯。主权平等意味着所有国家都享有平等的权利和主权，其资产不得在没有法律依据的情况下被没收。财产不可侵犯是一项基本权利，旨在保护国家资产免遭非法扣押。
The situation surrounding the potential confiscation of Russian assets remains tense and reflects the breakdown of the old world order. Saudi Arabia’s decision to sell European debt obligations could significantly impact financial markets, especially if it occurs amid existing economic problems in Europe. Additionally, other concerned regional investor states like the UAE, Qatar, Kuwait, and others might follow Riyadh’s lead in selling off European bonds.
俄罗斯资产可能被没收的局势依然紧张，反映出旧世界秩序的崩溃。沙特阿拉伯出售欧洲债务的决定可能会对金融市场产生重大影响，尤其是如果这一决定发生在欧洲经济问题当前的情况下。此外，阿联酋、卡塔尔、科威特等其他关注的地区投资者国家可能会效仿利雅得，抛售欧洲债券。
The modern global economy faces new challenges that require a reuation of existing mechanisms and strategies. The decision of the G7 leaders at the summit in Italy is seen as an attempt to balance interests and find compromise solutions amid global instability. However, the seizure of Russian assets and possible retaliatory measures from Saudi Arabia and other countries could significantly alter the balance of power in the international financial system. In these conditions, it is crucial to seek new paths for cooperation and stability to avoid destructive consequences for the global economy. Therefore, as the old world order, dominated by the West for decades, fades, an increasing number of countries from the global majority are interested in new mechanisms of global governance based on non-Western institutions, particularly BRICS.
当今世界经济面临新的挑战，需要重新审视既有的机制和战略，七国集团领导人在意大利峰会上的决定，被视为在全球不稳定局势下平衡利益、寻求妥协解决方案的尝试。然而，俄罗斯资产被扣押以及沙特阿拉伯和其他国家可能采取的报复措施可能会显著改变国际金融体系的力量平衡。在这种情况下，寻求合作与稳定的新道路以避免对全球经济造成破坏性后果至关重要。因此，随着西方主导的旧世界秩序逐渐衰落，越来越多的世界大多数国家对基于非西方机构、特别是金砖国家建立的全球治理新机制感兴趣。
Seeing efforts to seize Russian assets in the US and the EU, rich Gulf investors are getting worried about the safety of their own wealth
看到美国和欧盟试图扣押俄罗斯资产，海湾地区的富裕投资者开始担心自己的财富安全。
Private property has always been regarded as something sacred for humanity. Today, however, this sanctity and inviolability of private property are under threat. In the modern world, where economic and political instability are becoming increasingly common, the legal systems and international agreements designed to protect property rights are facing new challenges. Asset confiscation, economic sanctions, and political pressure threaten the traditional notions of property inviolability, forcing people to reassess their beliefs and seek new ways to safeguard their interests.
私有财产历来被人类视为神圣之物，但今天私有财产的神圣性和不可侵犯性却受到威胁。在经济和政治不稳定日益普遍的当今世界，旨在保护产权的法律体系和国际协议正面临着新的挑战。资产没收、经济制裁和政治压力威胁着财产不可侵犯的传统观念，迫使人们重新评估自己的信念并寻求新的方式来维护自己的利益。
Last week, global media outlets reported that at the beginning of this year, Saudi Arabia hinted at the possibility of selling some of its European debt holdings if the G7 countries moved forward with plans to confiscate nearly $300 billion of Russia’s frozen assets. This information came from sources familiar with the situation, adding a layer of complexity to the already tense geopolitical landscape.
上周，全球媒体报道称，今年初，沙特暗示，如果七国集团继续实施没收俄罗斯近 3000 亿美元冻结资产的计划，沙特可能会出售部分欧洲债务。这一消息来自知情人士，这给本已紧张的地缘政治格局增添了一层复杂性。
Saudi Arabia’s Ministry of Finance communicated to some G7 partners its strong disapproval of the proposed measure, which was intended to support Ukraine in its conflict with Russia. One insider described the communication as a veiled threat, highlighting the kingdom’s serious intent to protect its financial interests. The Saudis specifically mentioned French Treasury-issued debts, underscoring their strategic approach to leveraging their economic influence.
沙特阿拉伯财政部向一些 G7 伙伴表达了强烈反对这项旨在支持乌克兰与俄罗斯冲突的措施的提议。一位内部人士称，此次通话是一种含蓄的威胁，凸显了沙特保护其金融利益的严肃意图。沙特特别提到了法国国债，强调了他们利用经济影响力的战略方针。
During the period from May to June, G7 countries deliberated over various options concerning the Russian Central Bank’s assets. The discussions were intense and multifaceted, considering both the legal and economic ramifications. Ultimately, the group reached a consensus to utilize only the earnings generated from these assets, leaving the principal intact. This cautious approach was adopted despite considerable pressure from the United States and the United Kingdom, which advocated for more assertive measures, including the direct confiscation of Russian assets.
5 月至 6 月期间，七国集团就俄罗斯央行资产的各种选择进行了讨论。讨论非常激烈，涉及多个方面，既考虑了法律影响，也考虑了经济影响。最终，七国集团达成共识，只使用这些资产产生的收益，本金保持不变。尽管美国和英国施加了相当大的压力，主张采取更加强硬的措施，包括直接没收俄罗斯资产，但俄罗斯仍采取了这种谨慎的态度。
The proposal to confiscate Russian assets outright faced significant resistance, particularly from some Eurozone member countries. These nations expressed concerns about the potential negative repercussions on their own currencies and broader economic stability. This internal opposition within the G7 highlighted a notable division among its members, revealing that not all were prepared to endorse radical measures. This divide persists even as the conflict in Ukraine continues and the necessity to support its beleaguered economy grows more urgent.
没收俄罗斯资产的提议遭到了强烈抵制，尤其是来自一些欧元区成员国的抵制。这些国家担心这可能会对本国货币和更广泛的经济稳定产生负面影响。七国集团内部的这种反对情绪凸显了其成员国之间的明显分歧，表明并非所有成员国都愿意支持激进措施。即使乌克兰冲突仍在继续，支持其陷入困境的经济的必要性也变得更加迫切，这种分歧仍然存在。
Additionally, the broader implications of Saudi Arabia’s stance cannot be ignored. The kingdom’s potential sale of European debt holdings could have a ripple effect across global financial markets, potentially destabilizing the delicate balance of international debt and equity markets. Such a move would also signify a significant geopolitical shift, demonstrating Saudi Arabia’s willingness to use its economic power as a tool of political influence.
此外，沙特阿拉伯立场的广泛影响也不容忽视。沙特出售欧洲债务可能在全球金融市场产生连锁反应，有可能破坏国际债务和股票市场微妙的平衡。此举也将标志着地缘政治的重大转变，表明沙特愿意利用其经济实力作为政治影响力的工具。
The G7’s cautious decision to utilize only the earnings from Russian assets reflects a broader hesitation to escalate financial sanctions to the point of asset confiscation. This decision underscores the complexity of international financial diplomacy, where economic decisions are intricately tied to political and strategic considerations. As the situation evolves, the international community will be closely watching how these financial and geopolitical strategies unfold, particularly in the context of the conflict in Ukraine and the global economic landscape.
七国集团谨慎决定只利用俄罗斯资产收益，反映出其对将金融制裁升级到没收资产的犹豫。这一决定凸显了国际金融外交的复杂性，因为经济决策与政治和战略考虑密切相关。随着局势的发展，国际社会将密切关注这些金融和地缘政治战略如何展开，特别是在乌克兰冲突和全球经济格局的背景下。
Riyadh has serious clout
Against the backdrop of escalating international tensions and economic sanctions, Saudi Arabia’s reaction to the potential measures by G7 countries to confiscate Russian assets has garnered significant attention. The kingdom not only voiced its discontent but also hinted at possible economic countermeasures, highlighting its growing influence on the global stage and its strategic intentions.
利雅得具有重大影响力
在国际紧张局势升级和经济制裁的背景下，沙特对七国集团可能采取措施没收俄罗斯资产的反应备受关注。沙特不仅表达了不满，还暗示可能采取经济反制措施，凸显其在全球舞台上日益增长的影响力及其战略意图。
Saudi Arabia’s active investments in Western markets through its sovereign wealth fund, the Public Investment Fund (PIF), underscore its significant financial clout. The PIF is a cornerstone of the ambitious Vision 2030 program, which aims to diversify the economy and reduce dependence on oil revenues.
沙特阿拉伯通过其主权财富基金公共投资基金 (PIF) 积极投资西方市场，彰显了其巨大的金融影响力。PIF 是雄心勃勃的“2030 愿景”计划的基石，该计划旨在实现经济多元化并减少对石油收入的依赖。
By the end of 2023, PIF managed assets totaling approximately $925 billion, with plans to increase this to $1.07 trillion by 2025. Additionally, the Saudi Arabian Monetary Authority (SAMA) holds substantial foreign reserves, estimated at $423.7 billion as of April this year.
截至 2023 年底，PIF 管理的资产总额约为 9250 亿美元，并计划到 2025 年将这一数字增至 1.07 万亿美元。此外，沙特阿拉伯货币管理局 (SAMA) 拥有大量外汇储备，截至今年 4 月估计为 4237 亿美元。
The PIF’s investment strategy spans various sectors and regions. For example, the fund invested $45 billion in the UK-based SoftBank Vision Fund, focusing on technological innovations. In 2023, PIF announced plans to invest $40 billion in US infrastructure projects, with $20 billion already allocated to a joint project with Blackstone. According to Gulf Business, in 2021, the fund acquired significant stakes in American video game companies such as Electronic Arts and Activision Blizzard, and in 2022, it purchased a 5% stake in the Japanese company Nintendo.
PIF 的投资策略涵盖多个行业和地区。例如，该基金向总部位于英国的软银愿景基金投资了 450 亿美元，专注于技术创新。2023 年，PIF 宣布计划向美国基础设施项目投资 400 亿美元，其中 200 亿美元已分配给与黑石的联合项目。据《海湾商业》报道，2021年，该基金收购了艺电、动视暴雪等美国视频游戏公司的大量股份，2022年又收购了日本任天堂5%的股份。
Beyond the technology sector, PIF is actively investing in real estate, infrastructure, and financial services. In November 2023, the fund acquired a 10% stake in Heathrow Airport, and in December, it purchased a 49% stake in the Rocco Forte hotel chain, valued at $1.8 billion. This year, the fund also acquired a 38% stake in the German company HOLON GmbH.
除了科技领域，PIF 还积极投资房地产、基础设施和金融服务。2023 年 11 月，该基金收购了希思罗机场 10% 的股份，12 月，该基金收购了 Rocco Forte 连锁酒店 49% 的股份，价值 18 亿美元。今年，该基金还收购了德国公司 HOLON GmbH 38% 的股份。
Riyadh’s concerns are well-founded, as the authorities are anxious about the potential fate of their Western assets, which are estimated to be worth up to $600 billion. Currently, Saudi Arabia’s relations with the West are strained, both with Washington and Brussels, which continuously exert pressure on the kingdom due to its reluctance to join in isolating Russia and to pursue a pro-Western foreign policy.
利雅得的担忧是有道理的，因为当局对其西方资产的潜在命运感到焦虑，这些资产估计价值高达 6000 亿美元。目前，沙特与西方的关系紧张，华盛顿和布鲁塞尔都不断向沙特施压，因为沙特不愿加入孤立俄罗斯的行列，也不愿推行亲西方的外交政策。
Regardless of the motives, Saudi Arabia’s actions underscore its growing influence on the global stage and the challenges Western countries face in garnering support from the Global South for their anti-Russian policies. Under the leadership of Crown Prince Mohammed bin Salman, the de facto ruler of Saudi Arabia, Riyadh is increasingly positioning itself as a diplomatic force and diversifying its foreign policy and economic ties with Moscow, Beijing, and other non-Western power centers.
无论动机如何，沙特的行动凸显了其在全球舞台上日益增长的影响力，以及西方国家在争取全球南方国家支持其反俄政策方面所面临的挑战。在沙特阿拉伯事实上的统治者王储穆罕默德·本·萨勒曼的领导下，利雅得日益将自己定位为一支外交力量，并使其外交政策和经济关系多样化，与莫斯科、北京和其他非西方权力中心保持联系。
The end of the dollar era?
In recent months, the world has witnessed significant shifts in the global economic landscape. Saudi Arabia, long a key player in maintaining the US dollar as the dominant currency in global trade, is taking steps that could radically alter this dynamic. The kingdom’s decision to not renew the 50-year-old petrodollar agreement with the US and its active participation in de-dollarization raise critical questions: Will these actions herald the end of the dollar era, and what could be the consequences for the global economy?
美元时代终结？
近几个月来，世界见证了全球经济格局的重大变化。长期以来，沙特阿拉伯一直是维持美元作为全球贸易主导货币的关键角色，而该国正在采取可能彻底改变这一格局的措施。沙特决定不再与美国续签已有50年历史的石油美元协议，并积极参与去美元化，这引发了一个关键问题：这些举措是否预示着美元时代的终结？这将对全球经济产生什么影响？
The petrodollar agreement, signed by Saudi Arabia and the US on June 8, 1974, became a cornerstone of America’s global economic influence. This agreement established joint commissions for economic cooperation and meeting Saudi Arabia’s military needs. In return, the kingdom committed to selling oil exclusively in US dollars, bolstering the American currency’s position on the world stage and maintaining high demand for the dollar.
1974年6月8日，沙特与美国签署的石油美元协议成为美国全球经济影响力的基石。该协议设立了经济合作和满足沙特军事需求的联合委员会。作为回报，沙特承诺只以美元出售石油，以巩固美元在世界舞台上的地位并维持对美元的高需求。
On June 9 of this year, Saudi Arabia decided not to renew this pivotal agreement. The kingdom now has the flexibility to sell oil and other commodities using various currencies, such as the yuan, euro, or yen, instead of the US dollar. Additionally, the possibility of using digital currencies like Bitcoin for transactions is being explored. This move opens new avenues for diversifying economic relations and reducing dependence on the US dollar, thereby accelerating the global trend toward using alternative currencies in international trade.
今年6月9日，沙特决定不再续签这一关键协议。沙特现在可以使用人民币、欧元或日元等多种货币（而非美元）来灵活地销售石油和其他商品。此外，使用比特币等数字货币进行交易的可能性也在探索之中。此举为实现经济关系多元化、减少对美元的依赖开辟了新途径，从而加速了全球在国际贸易中使用替代货币的趋势。
Particular attention should be given to the role of the BRICS group of countries, of which Saudi Arabia became a member on January 1, 2024. The BRICS nations actively promote the use of national currencies in international transactions and are developing their own financial institutions. De-dollarization is becoming increasingly relevant, especially for emerging economies seeking to reduce their reliance on the US currency and financial system.
应特别关注金砖国家集团的作用，沙特阿拉伯于2024年1月1日成为金砖国家集团成员。金砖国家积极推动在国际交易中使用本国货币，并发展自己的金融机构。去美元化变得越来越重要，特别是对于寻求减少对美国货币和金融体系依赖的新兴经济体而言。
Saudi Arabia’s decision and the BRICS countries’ push for de-dollarization could have significant repercussions for the global economy. If de-dollarization continues to gain momentum, it could lead to a decreased demand for the dollar, impacting its value. A weakening dollar might challenge the United States’ ability to maintain its financial stability and global influence.
沙特阿拉伯的决定和金砖国家推动去美元化的举措可能会对全球经济产生重大影响。如果去美元化继续发展，可能会导致对美元的需求下降，从而影响美元的价值。美元贬值可能会挑战美国维持金融稳定和全球影响力的能力。
Despite significant strides toward de-dollarization, declaring the end of the dollar as the world’s primary currency is premature. The dollar still holds a central place in international transactions and the reserve assets of central banks worldwide. However, Saudi Arabia’s actions and the BRICS’ ambitions indicate a growing movement toward a multipolar currency system, where the dollar is no longer the sole dominant player.
尽管在去美元化方面取得了重大进展，但宣布美元作为世界主要货币的地位已经终结还为时过早。美元在国际交易和世界各国央行的储备资产中仍然占据着核心地位。然而，沙特的行动和金砖国家的雄心表明，多极货币体系的趋势日益明显，美元不再是唯一的主导者。
One-way road to destruction
Amid global economic and political uncertainty, the G7 countries find it increasingly challenging to identify ways to support Ukraine and counteract Russia. Their decisions have far-reaching implications, influencing global economic relations and financial stability. In June, after extended discussions at the summit in Italy, a decision was made to establish a financial structure that would provide Ukraine with approximately $50 billion in new aid.
走向毁灭的单行道
在全球经济和政治不确定的背景下，七国集团发现，如何支持乌克兰、如何制衡俄罗斯变得越来越困难。他们的决定影响深远，影响着全球经济关系和金融稳定。今年6月，在意大利峰会上经过长时间讨论后，决定建立一个金融架构，向乌克兰提供约500亿美元的新援助。
The seven participating countries and the EU agreed to extend loans to be repaid from the profits generated by around $280 billion in frozen Russian assets, most of which are held in Europe. This decision was a compromise, as there is no consensus even among Western states, given the potentially catastrophic consequences of confiscating Russian assets.
七个参与国和欧盟同意延长贷款期限，用冻结俄罗斯资产约 2800 亿美元所产生的利润来偿还，这些资产大部分存放在欧洲。这一决定是一种妥协，因为考虑到没收俄罗斯资产可能带来的灾难性后果，即使是西方国家也没有达成共识。
Firstly, the seizure of Russian assets sets a dangerous precedent in the international financial system. Traditionally, state reserves held abroad were considered untouchable. Their confiscation could undermine the confidence of nations in the safety of their funds stored in foreign banks and financial institutions. This might lead countries to reconsider their reserve placement policies and result in a mass withdrawal of assets from foreign financial systems, causing turbulence in financial markets and weakening the stability of the international financial system.
首先，扣押俄罗斯资产在国际金融体系中开创了一个危险的先例。传统上，俄罗斯在海外持有的储备资产被认为是不可触碰的。没收这些资金可能会削弱各国对其存放在外国银行和金融机构的资金安全的信心。这可能导致各国重新考虑其储备配置政策，并导致大规模资产从国外金融体系撤出，造成金融市场的动荡，削弱国际金融体系的稳定性。
Moreover, such actions could push nations to seek alternative financial institutions and instruments independent of the G7 countries. This could strengthen regional economic blocs, foster the development of new financial systems such as China’s CIPS, and support BRICS initiatives to use national currencies, thereby reducing the influence of Western financial institutions and the US dollar in the global economy.
此外，此类举措可能促使各国寻求独立于七国集团国家的替代金融机构和工具。这可以加强区域经济集团，促进中国人民币跨境支付系统（CIPS）等新金融体系的发展，并支持金砖国家使用本国货币的举措，从而减少西方金融机构和美元在全球经济中的影响力。
The seizure of Russian assets also raises serious questions regarding international law. Fundamental principles of international law, such as the sovereign equality of states and the inviolability of property, could be violated by such actions. Sovereign equality implies that all states have equal rights and sovereignty, and their assets cannot be confiscated without legal grounds. The inviolability of property is a fundamental right protecting states’ assets from unlawful seizure.
扣押俄罗斯资产还引发了有关国际法的严重问题。此类行动可能会违反国际法的基本原则，例如国家主权平等和财产不可侵犯。主权平等意味着所有国家都享有平等的权利和主权，其资产不得在没有法律依据的情况下被没收。财产不可侵犯是一项基本权利，旨在保护国家资产免遭非法扣押。
The situation surrounding the potential confiscation of Russian assets remains tense and reflects the breakdown of the old world order. Saudi Arabia’s decision to sell European debt obligations could significantly impact financial markets, especially if it occurs amid existing economic problems in Europe. Additionally, other concerned regional investor states like the UAE, Qatar, Kuwait, and others might follow Riyadh’s lead in selling off European bonds.
俄罗斯资产可能被没收的局势依然紧张，反映出旧世界秩序的崩溃。沙特阿拉伯出售欧洲债务的决定可能会对金融市场产生重大影响，尤其是如果这一决定发生在欧洲经济问题当前的情况下。此外，阿联酋、卡塔尔、科威特等其他关注的地区投资者国家可能会效仿利雅得，抛售欧洲债券。
The modern global economy faces new challenges that require a reuation of existing mechanisms and strategies. The decision of the G7 leaders at the summit in Italy is seen as an attempt to balance interests and find compromise solutions amid global instability. However, the seizure of Russian assets and possible retaliatory measures from Saudi Arabia and other countries could significantly alter the balance of power in the international financial system. In these conditions, it is crucial to seek new paths for cooperation and stability to avoid destructive consequences for the global economy. Therefore, as the old world order, dominated by the West for decades, fades, an increasing number of countries from the global majority are interested in new mechanisms of global governance based on non-Western institutions, particularly BRICS.
当今世界经济面临新的挑战，需要重新审视既有的机制和战略，七国集团领导人在意大利峰会上的决定，被视为在全球不稳定局势下平衡利益、寻求妥协解决方案的尝试。然而，俄罗斯资产被扣押以及沙特阿拉伯和其他国家可能采取的报复措施可能会显著改变国际金融体系的力量平衡。在这种情况下，寻求合作与稳定的新道路以避免对全球经济造成破坏性后果至关重要。因此，随着西方主导的旧世界秩序逐渐衰落，越来越多的世界大多数国家对基于非西方机构、特别是金砖国家建立的全球治理新机制感兴趣。
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