{"id":72004,"date":"2026-09-20T02:08:15","date_gmt":"2026-09-20T06:08:15","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/saudi-arabia-exits-china-led-currency-project-totalenergies-faces-mozambique-inquest\/72004\/"},"modified":"2026-09-20T02:08:15","modified_gmt":"2026-09-20T06:08:15","slug":"saudi-arabia-exits-china-led-currency-project-totalenergies-faces-mozambique-inquest","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/saudi-arabia-exits-china-led-currency-project-totalenergies-faces-mozambique-inquest\/72004\/","title":{"rendered":"Saudi Arabia Exits China-Led Currency Project; TotalEnergies Faces Mozambique Inquest"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Saudi Arabia has officially withdrawn from mBridge<\/strong>, a China-led digital currency platform designed to bypass the <strong>U.S. dollar<\/strong> in cross-border trade, citing the completion of its planned technical trials.<\/li>\n<li><strong>TotalEnergies (<a href=\"\/stock\/TTE\">TTE<\/a>)<\/strong> is facing a high-profile inquest in <strong>England<\/strong> this week regarding the 2021 insurgent attack in <strong>Mozambique<\/strong>, with new allegations surfacing over its failure to provide fuel for rescue helicopters.<\/li>\n<li>The <strong>mBridge<\/strong> exit by Riyadh follows significant <strong>U.S. pressure<\/strong> and a recent <strong>$20 billion<\/strong> investment commitment from the <strong>Bank for International Settlements (BIS)<\/strong>, which also recently &quot;graduated&quot; from the project.<\/li>\n<li>Despite legal scrutiny, TotalEnergies (<a href=\"\/stock\/TTE\">TTE<\/a>) remains committed to its <strong>$20 billion LNG project<\/strong> in Mozambique, with production currently scheduled to begin in <strong>2029<\/strong>.<\/li>\n<\/ul>\n<h2>Saudi Arabia Withdraws from China-Led mBridge Platform<\/h2>\n<p>Saudi Arabia has ended its participation in <strong>mBridge<\/strong>, a blockchain-based cross-border payment system spearheaded by <strong>China<\/strong>. The platform was developed to allow central banks to transact directly using digital currencies, potentially reducing global reliance on the <strong>SWIFT<\/strong> network and the <strong>U.S. dollar<\/strong>.<\/p>\n<p>The <strong>Saudi Central Bank (SAMA)<\/strong> confirmed the withdrawal, stating its involvement concluded following the successful completion of a &quot;proof-of-concept&quot; phase in <strong>May 2025<\/strong>. While official statements emphasize technical milestones, analysts suggest the move reflects a delicate balancing act as Riyadh maintains its security alliance with the <strong>United States<\/strong> while deepening trade ties with Beijing.<\/p>\n<p>The exit follows a period of intense <strong>U.S. scrutiny<\/strong> over the project. Washington has expressed concerns that <strong>mBridge<\/strong> could provide a mechanism for sanctioned nations to bypass the dollar-dominated financial system. The <strong>Bank for International Settlements (BIS)<\/strong> also stepped back from the project in <strong>October 2024<\/strong>, leaving it in the hands of the founding central banks of <strong>China<\/strong>, <strong>Hong Kong<\/strong>, <strong>Thailand<\/strong>, and the <strong>UAE<\/strong>.<\/p>\n<h2>TotalEnergies Faces Renewed Scrutiny Over Mozambique Attack<\/h2>\n<p>TotalEnergies (<a href=\"\/stock\/TTE\">TTE<\/a>) is under fresh pressure as a coroner\u2019s inquest begins in <strong>Winchester, England<\/strong>, to examine the death of British subcontractor <strong>Philip Mawer<\/strong>. Mawer was killed during a 2021 assault by <strong>Islamic State-affiliated<\/strong> insurgents near the company\u2019s massive <strong>liquefied natural gas (LNG)<\/strong> site in <strong>Cabo Delgado<\/strong>.<\/p>\n<p>The inquest is set to investigate claims from the Mawer family that TotalEnergies (<a href=\"\/stock\/TTE\">TTE<\/a>) failed to provide adequate security for subcontractors working outside its main compound. Critical testimony is expected regarding allegations that the energy major <strong>refused to supply fuel<\/strong> for rescue helicopters, which were forced to ground their operations while attempting to evacuate trapped civilians.<\/p>\n<p>TotalEnergies (<a href=\"\/stock\/TTE\">TTE<\/a>) has &quot;categorically rejected&quot; accusations of negligence, maintaining that it prioritized the safety of all personnel and supported government-led rescue efforts. The company recently lifted a <em>force majeure<\/em> on the <strong>$20 billion project<\/strong>, aiming to restart full-scale operations despite ongoing legal challenges and a <strong>criminal complaint<\/strong> filed in <strong>France<\/strong> alleging complicity in war crimes related to the conduct of local security forces.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Saudi Arabia has officially withdrawn from mBridge, a China-led digital currency platform designed to bypass the U.S. dollar 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