Will the war in Ukraine have a heavy impact on the French economy?

THE CHEKING PROCESS – As the Europeans prepare sanctions against Russia, Moscow promises “severe retaliatory measures”. Could France and the European Union suffer from the conflict?

THE QUESTION. Russia’s threats of war against Ukraine materialized overnight from Wednesday to Thursday. The European Union, the United States, Japan and even Canada are beginning to put in place sanctions against Moscow. A few hours after the start of the Russian offensive, the European Union, through the voice of the High Representative for Foreign Affairs, Josep Borrell, promisedthe toughest sanctions package we have ever implemented“.

However, France, dependent like all of Europe on Russia for its energy supply, wants to be reassuring about the consequences of these sanctions on its own economy. “The French economy is little exposed to Russia, it is a secondary economic partner of France“, declared the Minister of Economy and Finance, Bruno Le Maire, Friday morning. A few days earlier, he already assured that “the economic consequences of the geopolitical situation on France will be contained“. “In accordance with the principle of reciprocity, which is the basis of international law, we will take severe retaliatory measures“, promised for its part the Russian Ministry of Foreign Affairs, denouncing a policy”hostilefrom the European Union. So who should you believe? To what extent is the French economy likely to be impacted by this conflict?

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