Story highlights The Obama administration has, in turn, applied heavy pressure on Congress to block the bill

Saudi foreign minister Adel al-Jubeir issued the ultimatum to U.S. lawmakers last month

(CNN) Saudi Arabia is warning it will sell off billions in American assets if the U.S. Congress passes a bipartisan bill that would allow victims of 9/11 and other terrorist attacks to sue foreign governments.

Saudi foreign minister Adel al-Jubeir issued the warning to U.S. lawmakers last month during a visit to Washington, two senior State Department officials told CNN. A source with knowledge of the Saudis' thinking said investments would be put in jeopardy if this bill passes, so they are trying to protect themselves from risk.

The story was first reported Saturday by The New York Times.

The Obama administration has, in turn, applied heavy pressure on Congress to block the bill. Top officials from the State Department and Pentagon warned Senate Armed Services Committee staffers last month that the bill could bring economic risks to the U.S.

The Saudis did not immediately respond to a request for comment. Asked if President Barack Obama would veto the legislation if passed by Congress, a senior administration official told CNN that "rather than entertain a hypothetical, we believe there needs to be more careful consideration of the potential unintended consequences of its enactment before proceeding with legislation."