The economic consequences of the Ukrainian crisis and the ways in which European economies can be protected are the subject of the current informal Eurogroup meeting in Paris, said French Finance Minister Bruno Lemerre.
Arriving in the Eurogroup with his German counterpart Christian Lindner, the French Minister of Finance stressed that EU countries are financially supporting Ukraine with an emergency financial assistance of 1.2 billion euros, which was recently approved, while France will assist with An additional € 300 million.
The French finance minister noted that “huge and immediate sanctions” were imposed on Russia on Thursday, which “will hit Russia and its economy hard” and “are aimed at bending the Russian economy and political leaders.” He explained that the sanctions target strategic sectors, such as transport, the aeronautical sector, semiconductors, as well as all the sensitive technologies of the Russian economy. “We will hit the Russian financial system, the Russian banks. We want to isolate Russia financially and cut all ties with the global financial system,” said Bruno Lemerre, adding that European leaders had decided to take action against hundreds of politicians. and economic figures of Russia.
Regarding the consequences, Bruno Lemerre said that the French economy is less exposed, as Russia is a secondary economic partner of France.
Economy ministers will also discuss natural gas, whose prices have risen by 30% in recent hours, Bruno Lemerre said. “We need to think of medium- and long-term solutions to increase stocks, diversify our sources of supply and strengthen Europe’s independence in the field of energy, and in particular in gas,” he added.
“We are living the nightmare of war on European soil and the only one responsible is Vladimir Putin,” said German Finance Minister Christian Lindner. He stressed that the first sanctions adopted would seriously affect the Russian economy and that “all options are on the table.” “Today we will assess the economic impact, we will discuss how we can protect our people and our economies. There are of course implications for the energy sector, but we are prepared,” he said.
Source: AMPE
Source: Capital
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