Saudi FM says 'nothing to mediate' in dispute with Canada

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The fallout continues in the diplomatic dust-up between Canada and Saudi Arabia, with Riyadh issuing a laundry list of edicts to show its displeasure with criticism from Global Affairs Canada.

However, Saudi Arabia's Foreign Ministry called Canada's plea a "grave and unacceptable violation of the kingdom's laws and procedures".

Samar Badawi was arrested along with fellow campaigner Nassima al-Sadah last week, the latest targets of what Human Rights Watch called an "unprecedented government crackdown" on women activists.

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.

"Canada made a big mistake... and a mistake should be corrected".

"We don't know which one, but the market has sold off, and the Canadian dollar also sold off from about that time".

Since then, the Saudi kingdom has pursued a scorched-earth policy towards anything related to Canada.

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In the days following the kingdom has continued to announce measures against Canada, including urgent plans to remove tens of thousands of Saudi students and an unspecified number of medical patients from Canada.

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".

The decision to freeze new trade agreements could threaten Canada's $15-billion arms deal that includes providing armoured vehicles to the kingdom, but Foreign Affairs Minister Chrystia Freeland said it was "premature" to comment on its status.

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.

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

Travel to the country will also be affected in light of an announcement from Saudia Airlines on Tuesday that it will suspend flights to and from Canada starting August 13.

Wednesday's death sentence for Jamaleddeen coincides with a new Saudi state media push to attack Canada's human rights record as an escalation in a growing feud between the two distant countries.

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