France declares economic ‘war’ against Russia

FILE PHOTO: French Finance Minister Bruno Le Maire attends a press conference at his Ministry in Paris
FILE PHOTO: French Finance Minister Bruno Le Maire attends a news conference at his Ministry in Paris, France, September 22, 2021. REUTERS/Gonzalo Fuentes/File Photo

March 1, 2022

PARIS (Reuters) – France declared an “all-out economic and financial war” against Russia on Tuesday that would collapse the Russian economy as punishment for its invasion of Ukraine.

The United States and its allies have imposed sanctions on Russia’s central bank, financiers and officials, including President Vladimir Putin himself, and banned some Russian banks from participating in the system. SWIFT international payments.

French Finance Minister Bruno Le Maire described the sanctions packages as “extremely effective”.

“We are waging an all-out economic and financial war against Russia,” Le Maire told France Info radio. “We will cause the collapse of the Russian economy.”

In just a few weeks, Russia has gone from a lucrative bet on high oil prices to an uninvestable market with a central bank embargo, major banks shutting down international payments and the Capital controls clog up cash flow.

On Tuesday, Russia said it was placing temporary restrictions on foreigners seeking to get out of Russian assets, hampering investor migration that has accelerated due to sanctions. punishment caused.

Le Maire’s remarks drew angry protests from Russia’s former president and prime minister, Dmitry Medvedev, who is now Vice Chairman of the Security Council of the Russian Federation.

“Watch your tongue, gentlemen! And don’t forget that in human history, economic wars quite often turned into real wars,” wrote Medvedev on Twitter.

(Reporting by Sarah Morland and Sudip Kar-Gupta; Writing by Richard Lough; Editing by Andrew Heavens and Nick Macfie) France declares economic ‘war’ against Russia

Bobby Allyn

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