The Analyst Spoke about the Problems in French Business Due to US Sanctions Against Russia
OREANDA-NEWS. French business is facing terrible problems because of the sanctions that the United States is imposing against third countries, said Arnaud Dubien, director of the Observo think tank at the Franco-Russian Chamber of Commerce and Industry, speaking at the SPIEF.
“There is a terrible problem on the day-to-day level with opening accounts for potential Russian investors in our banks. This is de facto impossible, no matter how much, say, Mr. Shevenman (French special representative in Russia) fights, little changes. At the same time, our authorities deny the problem "- said Dubien.
He stressed that the French government supports the development of trade and economic relations between Russia and France, but, according to him, makes it clear that no significant changes should be expected. "The sanctions are here for a long time. This has to be understood. Business has understood this," he said.
According to Dubien, Europe is in an ambiguous position: it is both the initiator and the victim of sanctions. He recalled how the French bank BNP Paribas was fined $ 9 billion in 2017 for violating the sanctions regime. “It was a big shock that generated fear and uncertainty - I think that was the goal,” Dubien said. He also recalled how, after the imposition of sanctions against Iran, French carmakers were forced to stop their entire business there, despite the fact that they occupied more than a third of the Iranian market.