Key Takeaways
- Saudi Arabia has officially withdrawn from mBridge, a China-led digital currency platform designed to bypass the U.S. dollar in cross-border trade, citing the completion of its planned technical trials.
- TotalEnergies (TTE) is facing a high-profile inquest in England this week regarding the 2021 insurgent attack in Mozambique, with new allegations surfacing over its failure to provide fuel for rescue helicopters.
- The mBridge exit by Riyadh follows significant U.S. pressure and a recent $20 billion investment commitment from the Bank for International Settlements (BIS), which also recently "graduated" from the project.
- Despite legal scrutiny, TotalEnergies (TTE) remains committed to its $20 billion LNG project in Mozambique, with production currently scheduled to begin in 2029.
Saudi Arabia Withdraws from China-Led mBridge Platform
Saudi Arabia has ended its participation in mBridge, a blockchain-based cross-border payment system spearheaded by China. The platform was developed to allow central banks to transact directly using digital currencies, potentially reducing global reliance on the SWIFT network and the U.S. dollar.
The Saudi Central Bank (SAMA) confirmed the withdrawal, stating its involvement concluded following the successful completion of a "proof-of-concept" phase in May 2025. While official statements emphasize technical milestones, analysts suggest the move reflects a delicate balancing act as Riyadh maintains its security alliance with the United States while deepening trade ties with Beijing.
The exit follows a period of intense U.S. scrutiny over the project. Washington has expressed concerns that mBridge could provide a mechanism for sanctioned nations to bypass the dollar-dominated financial system. The Bank for International Settlements (BIS) also stepped back from the project in October 2024, leaving it in the hands of the founding central banks of China, Hong Kong, Thailand, and the UAE.
TotalEnergies Faces Renewed Scrutiny Over Mozambique Attack
TotalEnergies (TTE) is under fresh pressure as a coroner’s inquest begins in Winchester, England, to examine the death of British subcontractor Philip Mawer. Mawer was killed during a 2021 assault by Islamic State-affiliated insurgents near the company’s massive liquefied natural gas (LNG) site in Cabo Delgado.
The inquest is set to investigate claims from the Mawer family that TotalEnergies (TTE) failed to provide adequate security for subcontractors working outside its main compound. Critical testimony is expected regarding allegations that the energy major refused to supply fuel for rescue helicopters, which were forced to ground their operations while attempting to evacuate trapped civilians.
TotalEnergies (TTE) has "categorically rejected" accusations of negligence, maintaining that it prioritized the safety of all personnel and supported government-led rescue efforts. The company recently lifted a force majeure on the $20 billion project, aiming to restart full-scale operations despite ongoing legal challenges and a criminal complaint filed in France alleging complicity in war crimes related to the conduct of local security forces.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.