The impact of the Ukraine crisis and sanctions against Moscow will only have a minor effect on the French economy, says Bruno Le Maire.
French Finance Minister Bruno Le Maire says sanctions imposed by the Western countries on Russia for ordering troops into separatist regions of eastern Ukraine would have a "relatively" limited impact on the French economy, despite rising energy costs.
Speaking on French television this morning, Bruno Le Maire said the French government is not ruling out an extension of the freeze on gas prices with Russia over Ukraine should the price hikes continue,
"We have made a commitment...to freeze gas prices, this commitment will be respected for individuals," he said on BFMTV.
Malgré la crise en Ukraine, nous tiendrons notre parole : l’engagement du gel du prix du gaz sera respecté pour les particuliers. pic.twitter.com/LTNjFQGxMT
— Bruno Le Maire (@BrunoLeMaire) February 23, 2022
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France must diversify energy supplies
The freeze, which was announced at the end of September, "runs until the summer of 2022 and if ever it is necessary to prolong it because we see a massive spike in gas prices, it would seem essential for me to do so," he added.
Le Maire also reaffirmed the need to protect French consumers against rising energy prices.
"We must diversify our supplies," Le Maire said, stressing that France had a 20% reliance on Russian gas.
Western countries fear a conflict on a scale unseen in Europe since the Yugoslav and Chechen wars of the 1990s, when hundreds of thousands died and millions fled, will impact consumer prices.
