The European Union “wants to cut all ties between Russia and the global financial system,” French Economy Minister Bruno Le Maire said on Friday after the Russian invasion of Ukraine.
Mr Le Maire, speaking to the press shortly before the start of a meeting of finance ministers in Paris, stressed that the French economy was “little exposed to Russia”.
“We want to financially isolate Russia (…) We want to dry up the financing” of the Russian economy, he assured.
“Our objective is to bend the Russian economy, it will take the necessary time,” said Mr. Le Maire the day after the announcement of European sanctions.
Paris will also participate to the tune of 300 million euros in the granting of EU aid of 1.2 billion euros to Kiev, decided on Monday in Brussels.
Among the sanctions imposed on Russia, the EU will drastically limit Russia’s access to European capital markets, hindering and increasing the cost of financing its debt.
It will also reduce its access to “crucial technologies”, by depriving it of electronic components and software, so as to “severely penalize” its economy, explained Thursday the President of the European Commission, Ursula von der Leyen.
These sanctions will affect “transport, the aeronautics sector, semiconductors, all sensitive technologies of the Russian economy”, said Friday the French Minister of Economy.
Regarding the sanctions targeting Russian personalities, the Directorate General of Public Finances will be responsible for identifying the assets in France of the persons targeted, he explained.
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However, no action has been decided on the SWIFT international banking exchange system due in particular to German reluctance. “It’s the very last option,” said Mr. Le Maire.
Faced with the consequences of these sanctions on “a few French companies”, Bruno Le Maire recalled that France was “little exposed” to Russia.
“Russia is a secondary economic partner of France,” he said again, the day after consultations with several business federations, including the automotive, nuclear and aeronautical sectors.