Russia Ukraine war: French FM confident sanctions against Moscow 'highly effective'

Finance Minister of France Bruno Le Maire while addressing the press seemingly did not have an iota of doubt that the economic sanction which has been imposed on Moscow amid the Russia Ukraine war will work out to be highly effective. In retaliation to the invasion of Russia on Ukraine, the french Minister said that France is going to wage a war against the aggressors, an economic war. Asserting his beliefs and sharing his decision on the French Media House the Finance Minister looked adamant while he said, "We are going to cause the collapse of the Russian economy."

The French Finance minister looked confident while he further added that the economic war stand-off between European Union (EU) and the Vladimir Putin led Russian government is "totally" in favour of the European Union which "is in the process of discovering its own economic power." 

EU's economic war against Russia

After Russia invaded Ukraine the European Union have come together more than any other time to fight an economic war against Russia in an attempt to crumple down the economy of the invader. EU on Monday announced that they putting strict sanctions against Russians connected straight to power in Moscow.

The EU has already targeted Igor Sechin an oligarch and also known as "second in command" in Russia after President Vladimir Putin. Igor Sechin along with handling the chair of Deputy Prime Minister in Russia was also the Chief Executive Officer (CEO), President and the Chairman of the management board of State Oil Company, Rosneft. British Petroleum or commonly known as BP also revoked their partnership with the Russian Oil Company. The London based BP held a 19.75% stake in Rosneft while the CEO of BP Bernard Looney and their former executive Bob Dudley resigned from the position of management board members of the Russian Co. Nikolay Tokarev again an oligarch and President of the state-controlled Russian Oil company are also on the blacklist of the European Union.

US gives major blow as they block Kremlin from SWIFT

Joe Biden led the US government to have a big blow to Moscow after they put a complete ban on the Russian banks from the use of the SWIFT messaging system. Furthermore, President of the European Commission Ursula von der Leyen, on Saturday, said that the allies would stop Russia from “using its war chest”, by paralysing the assets of its central bank. The European Commission said that it will freeze transactions and prevent the Russian central bank from liquidating its assets.