An economic war has been declared. A martial arts speech was given by Mayor Bruno, the boss of Bercy, in Amfo, France, on Tuesday morning. “We intend to wage a full-scale economic and financial war against Russia and Vladimir Putin,” the Minister of Economy said in retaliation for the invasion of Ukraine. “We will cause the collapse of the Russian economy,” he promised, admitting that “the Russian people will also pay a price.”
Bruno Le Mer emphasized the “horrible effect” of sanctions already in place on financial institutions and the Central Bank of Russia. This has led to a decline in the ruble, the elimination of foreign exchange reserves and a surge in Russia’s inflation.
A new set of sanctions is under consideration. The Minister is waiting for comments from the European Commission on Tuesday morning, meeting at the G7 level in the afternoon and meeting with the European Finance Minister on Wednesday. “Sanctions will apply until Putin returns to better intentions in Ukraine,” Bruno Le Mer said.
The sanctions imposed on Russia are very effective. We are waging a complete economic and financial war against Russia.
We are about to cause the collapse of the Russian economy. pic.twitter.com/NqB36CbWX4
— Bruno LeMaire (@BrunoLeMaire) March 1, 2022
The Task Force, which consists of the Department of Finance, financial intelligence services and customs, is also working hard to identify French assets and assets with Russian figures close to Kremlin.
Bercy’s service sifts through the 488 names that appear in the list created by the European Union. “The review takes time. We have to look at millions of bank accounts,” the minister explained. He emphasized that the purpose was also to do “the opposite work from French territory”. Bercy tracks not only the name of the oligarch, but also the name of “spouse, child, SCI” in France.
“From freezing to seizures”
“Second, we move from freezing to seizure. [de leurs actifs]Bruno Le Mer continued to confirm the statement made the day before at the end of the Defense Council convened by President Macron. This is an additional step in economic and financial sanctions against Moscow, which presupposes the acquisition of “legal means”.
The nuances between asset freezes and foreclosures may seem subtle. However, the difference is important. “Freezing, unlike seizures and confiscations, does not constitute a loss of property, but a temporary restriction of access to these assets or economic resources. When the measures are completed (sanctions lifted) The European Union’s decision to do), the individual regains his money or his use of frozen goods and resources, “we explain at Bercy.
For example, it is this framework so far that applies to Russian cargo intercepted by French waters customs last Saturday. The “Baltic leader” with the Russian flag remains in Boulogne-sur-Mer, but remains the entire property of the bank Promsvyazbank (PSB), which is subject to European and American sanctions.
“A seizure causes you to lose ownership of your property,” Bruno Le Mer said on Tuesday. The minister has indicated that a review of legal tools is underway with the prime minister. In fact, government sources have asserted that the confiscation of real estate, yachts, jet cars and other luxury cars owned by people under sanctions in France “needs to amend the law.”