Qatar Sues Banks Over ‘Brazen Scheme’ Tied to Saudi Embargo
- Gas-rich state says Samba, FAB manipulated its currency market
- Saudi Arabia has led an embargo of Qatar since June 2017
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Qatar sued banks in Saudi Arabia, Abu Dhabi and Luxembourg for allegedly crafting a “brazen scheme” to manipulate local currency and bond markets during an embargo that has cost the country billions of dollars.
In a lawsuit filed Monday in New York, Qatar accused Riyadh-based Samba Financial Group and First Abu Dhabi Bank PJSC of being “in league” with their home governments to destabilize Qatar through an “illicit blockade” starting in 2017.