Saudi Arabia rules out mediation in Canada row, mulls new measures

Saudi Arabia rules out mediation in Canada row, mulls new measures

Saudi Arabia rules out mediation in Canada row, mulls new measures

The Canadian embassy in Riyadh called on the Saudi authorities in a tweet post to release a number of civil society activists, which Saudi Arabia considered an interference in its internal affairs. They further ended diplomatic ties, froze all new trade and investment and cancelled flights via their national carrier to Toronto.

Canada's share of Saudi Arabia's FX reserves would likely not be enough by itself to hurt the loonie, said Mark McCormick, North American Head of FX Strategy at TD Securities.

Saudi Arabia executed and "crucified" a man from Myanmar as punishment for murdering a woman and other crimes, the country's state-run media announced Wednesday.

Relations between the countries have dramatically deteriorated following last week's intervention by Canada's foreign minister, Chrystia Freeland, over the detention of women's rights activists. It stopped medical treatment of Saudis in Canada and made arrangements to bring home Saudi patients.

Jubeir added that the kingdom was still "considering additional measures" against Canada.

Saudi's asset sales may not have a big impact on the Canadian currency, although thin trading during the summer holiday could exacerbate that effect.

But if this was an attempt by Saudi Arabia to push down Canadian markets, the move had limited success.

Canada plans to seek help from the UAE and Britain to defuse an escalating dispute with Saudi Arabia, sources said on Tuesday, but close ally United States made clear it would not get involved.

The execution came during a deepening dispute between the two countries sparked by Canadian criticism of how Saudi Arabia is treating jailed activists.

Saudi scholarship recipients to Canadian universities were ordered to other countries. Saudia Airlines has also announced it will suspend flights to and from Canada starting August 13. Saudi central bank and state pension funds told their overseas asset managers to unload Canadian bonds, stocks, and cash holdings "no matter the cost", the report said.

Canada's Prime Minister Justin Trudeau is expected to hold a news conference in Montreal, where he will be pressed on the diplomatic crisis.

Bin Salman is the second most senior member of the Saudi regime, which has one of the worst human rights records in the world.

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