“We are going to cause the collapse of the Russian economy”, says Bruno Le Maire

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“We are going to wage an all-out economic and financial war on Russia” through Western economic sanctions imposed in response to the Russian invasion of Ukraine, Bruno Le Maire, Minister of the Economy, declared Tuesday March 1 on franceinfo. According to him, the sanctions will be applied until “Vladimir Putin returns to better intentions in Ukraine”.

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“We want to aim for the heart of the Russian system, continued the Minister of Economy, we are targeting Vladimir Putin, we are targeting the oligarchs, but we are also targeting the entire Russian economy. And the Russian people will also pay the consequences. We don’t know how to do otherwise.” At the beginning of the afternoon, Bruno Le Maire wished to clarify his remarks, and in particular the use of the expression “total economic and financial war”: “The term war was inappropriate and does not correspond to our strategy of de-escalation. (…) We are not in conflict against the Russian people”.

“Sanctions must strike fast, strike hard and we are already seeing the effects”assured Bruno Le Maire during the “8:30 a.m. franceinfo”, indicating that “the ruble collapsed by 30%” and “Russian foreign exchange reserves are melting like snow in the sun”. “Vladimir Putin’s famous war chest is already reduced to almost nothing. So we will cause the collapse of the Russian economy.”warned Bruno Le Maire, noting already “market collapse”rising interest rates and “rising inflation” in Russia.

“The sanctions are effective, the economic and financial sanctions are even extremely effective”continued the Minister of the Economy who “does not want to leave any ambiguity on the European determination on this subject“. One “penalty package” is currently in “examination course” and the proposals of the European Commission must arrive “this morning [mardi]”said Bruno Le Maire, who says he is ready, with the European Union, “to prepare a further strengthening of economic and financial sanctions“. A meeting of the G7, on the subject, is also planned. “this afternoon [mardi]” before a meeting on Wednesday of European finance ministers to “ensure the proper execution of these sanctions”.

According to the Minister of the Economy, these sanctions “will be applied until Vladimir Putin returns to better intentions in Ukrainee”. He thus invited “to realize” because “The United States and Europe, together, are by far the most powerful economic, financial continent on the planet”. “The economic and financial balance of power is totally in favor of the European Union, which is in the process of discovering its economic power”, also estimated the minister.

“For now”, the list of Russian oligarchs under European sanctions includes “488 personalities”, assured Bruno Le Maire, without specifying how many are in France. The Minister indicated that “the exam” Russian accounts were in progress “with the help of the banks” and that it was a “long” procedure now extended “in the names of the oligarchs, their spouses, their children, their property companies” so that they “cannot hide behind financial arrangements”.

Furthermore, Bruno Le Maire promised to “ensure that it is not just a freezing but a seizure of assets”. “We are working legally with the chancellery so that the freeze becomes a seizure, we are going to touch the heart of Russian power (…) No oligarch will slip through the meshes of our nets, that is our objective”he warned.

“This is a message that we send to all authoritarian regimes who want to challenge the efficiency, the political weight of democracies on the planet.”

Bruno the Mayor

at franceinfo

In front of “deliberate aggression” of Russia on Ukraine, Bruno Le Maire estimated that Europe has also “became aware of the need to arm themselves militarily”: “The balance of economic and financial power is totally in favor of the European Union which is in the process of discovering its economic power.”


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