French Finance Minister Bruno Le Maire said on Tuesday that sanctions against Russia for its invasion of Ukraine will cause the Russian economy to collapse.
“We are going to cause the Russian economy to collapse. The balance of economic and financial forces is totally in favor of the European Union, which is discovering its economic power,” Le Maire told France Info radio.
On Monday, the European Union (EU) added to its sanctioned list the oligarchs close to the Kremlin and President Vladimir Putin’s spokesman.
High-profile figures sanctioned include Putin associates such as Igor Sechin, head of state oil giant Rosneft, and Nikolay Tokarev, head of Transneft, the state-owned company in charge of the pipelines.
Three men included in Forbes’ list of Russia’s 10 richest were also sanctioned: metals magnate Alexei Mordashov, Alisher Usmanov and Gennady Timchenko, a businessman and personal friend of Putin.
An aide to French President Emmanuel Macron told reporters on Monday that imposing new sanctions is “a priority” and seeks to “increase the cost” of Putin’s war.
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