Published: Wed, October 17, 2018
Markets | By Erika Turner

Sanctions against Saudi would ‘rock the world’ says Saudi state owned press

Sanctions against Saudi would ‘rock the world’ says Saudi state owned press

Egypt's Ministry of Foreign Affairs issued a statement on Sunday confirming its support for the Kingdom of Saudi Arabia over the disappearance of Saudi journalist Jamal Khashoggi.

Saudi Arabia on Sunday thanked Washington for not rushing to conclusions as the probe continues into the disappearance of journalist Jamal Khashoggi.

A White House aide says President Donald Trump is serious when he says there'll be "severe punishment" if Saudi Arabia is found to be complicit in the disappearance of USA resident and journalist Jamal Khashoggi. But she said, "If he makes a genuine contribution to the efforts to reveal what happened inside the Saudi consulate in Istanbul that day, I will consider accepting his invitation".

Turkish officials say they fear Saudi agents killed Khashoggi after he entered the Saudi Consulate in Istanbul on October 2.

But a Turkish diplomatic source said it was expected that the search, a joint operation with Saudi authorities, would "take place towards the evening" Monday. American lawmakers have threated sanctions against the Saudis, and Germany, France and Britain jointly called today for a "credible investigation" into Mr Khashoggi's disappearance. "Imposing any type of sanctions on Saudi Arabia by the West will cause the kingdom to resort to other options", he said.

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In an interview with "60 Minutes" airing Sunday, US President Donald Trump pledged "severe punishment" if the US concludes that Saudi agents killed Khashoggi, a US resident, and said that the incident is being investigated. The Saudi stock market dropped by 7% on Sunday after Trump threatened of "severe punishment" which spooked investors. Pointing out that Russia and China were ready to step in, he added that "no one can deny that repercussions of these sanctions will include a Russian military base in Tabuk, northwest of Saudi Arabia, in the heated four corners of Syria, Israel, Lebanon and Iraq".

Saudi Arabia, which provided much of the funding for the SoftBank Vision Fund, is seeing a growing number of attendees pull out of the "Davos in the Desert" investment conference after the disappearance of a prominent Saudi journalist.

However, he told CBS News on Saturday that the USA was investigating the case which he called "really bad and disgusting" and that "there will be severe punishment". The Washington Post contributor, who was living in self-imposed exile in the United States since 2017, had reportedly gone to the consulate to collect some papers for his marriage.

Saudi Arabia's Interior Minister Prince Abdulaziz bin Saud bin Naif bin Abdulaziz said that the reports are "lies and baseless allegations against the government of the Kingdom", reported CNN.

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