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It also ended state-backed educational and medical programmes in Canada, making plans to relocate tens of thousands of Saudi students and patients to other countries.

Saudi Arabia responded by reducing the level of diplomatic relations and stopping cooperation with Ottawa in several fields, most notably trade, education and medicine.

"The matter is not about human rights; it is a matter of national security", the minister said.

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.

Chelsea's Thibaut Courtois wants Real Madrid move
The reason they have yet to reach an agreement however is primarily due to their failure thus far to land a Courtois replacement. There has been a huge development in Willian's future as a Chelsea player.

Canadian investments in Saudi Arabia were still ongoing and would not be affected by the dispute, he said.

"We have always said that the politicisation of human rights matters is unacceptable", Maria Zakharova, a spokesperson for Russia's foreign ministry, told reporters on Wednesday.

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

Russian Federation has said that Saudi Arabia has the right to reject Canada's interference and to express its annoyance at the "commanding tone" coming from a perceived position of moral superiority.

Oil edges lower as supply concerns return
Overall US crude oil inventories actually rose by 3.8-million barrels last week to 408.74-million barrels, the EIA data showed. A lot of this is the risk premium priced in for Iran and when do we start seeing an impact on supply there", Patterson said.

European traders said Saudi Arabia's main state wheat buying agency, the Saudi Grains Organization (SAGO), has told grains exporters it will no longer accept Canadian-origin grains in its worldwide purchase tenders.

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

Days after it broke off diplomatic relations with Canada, the Saudi government is now selling off the kingdom's Canadian holdings, according to a news report, and it's doing it in a way that's likely created to push down the market value of Canadian assets. A Saudi airline has also interrupted flights to the North American country. All Saudi patients in the country will be transferred to hospitals outside of Canada.

European traders said the main Saudi wheat-buying agency had told grains exporters it will no longer accept Canadian-origin wheat and barley.

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Chinese officials responded early Wednesday to threats of higher tariffs by saying they would retaliate again. In 2017, the United States had a $376 billion trade deficit with China, which it is keen to cut.

Saudi Arabia, under the new leadership of young Mohammed Bin Salman, has undertaken a number of reforms to fight radicalism, and improve human rights and economic prospects for the country.