France Minister of the Economy has vowed to cripple Russia’s economy, as European Union and the United States and Canada continue to announce a series of new sanctions on Putin and Russia over the invasion of Ukraine.
According to the report by BFMTV of France and AFP, France Minister of the Economy Bruno Le Maire had said this about Russia’s economy when appearing as a guest of France Info, where he also assured that the economic sanctions of the EU and the United States that have been taken against Russia were of “tremendous effectiveness”.
“We are going to wage an all-out economic and financial war on Russia.” Bruno Le Maire, Minister of Economy, Finance and Recovery assures that the sanctions against Russia will hit the regime in the heart. “The Russian people will also pay the consequences,” added Bruno Le Maire, guest of France Info.
He says a new salvo of economic sanctions is in preparation “if necessary”.
“We are already seeing the effects. Putin’s war chest is already reduced to almost nothing. We are going to cause the collapse of the Russian economy,” the minister said.
According to him, the United States-European Union axis is bearing fruit.
“The United States and Europe together are by far the most powerful economic and financial continent on the planet”, for the tenant of Bercy. Long criticized, the European Union “is in the process of discovering its economic power”, says Bruno Le Maire .
“We are going to wage an all-out economic and financial war on Russia”
The total of Russian assets that the allies will freeze represents “almost 1,000 billion dollars” the minister indicated on Tuesday, adding: “we will wage a total economic and financial war on Russia”, the day after a massive hike in interest rates 20% interest rate from the Russian central bank.
“Companies will not be able to borrow except at high rates”, also said the French minister, affirming that the Westerners are ready if necessary for “a new reinforcement of sanctions” as affirmed the day before by the Elysée.
“The urgency is to raise the cost of the war for President (Vladimir) Putin”, indicated Monday the French presidency, by estimating that the sanctions already taken “do more harm than President Putin had anticipated”.
These sanctions will also affect the economies of European countries. But for the minister “it is Russia that will suffer, not Europe”.
For the time being, the Russian oligarchs and banks are targeted by these economic sanctions. The European Union and other countries have announced that they are closing their airspace to Russian companies. The Kremlin’s access to “crucial technologies” is reduced as well as exports of semiconductors.