French finance minister walks back comments after saying France was waging ‘economic and financial war’ on Russia

French Finance Minister Bruno Le Maire declared an “all-out economic and financial war” against Russia to bring down the its economy as punishment for invading Ukraine, before rowing back on language he later said was inappropriate.

French Finance Minister Bruno Le Maire described the sanctions packages as proving “extremely effective.” Le Maire later told French news agency AFP he had misspoken and that the term “war” was not compatible with France’s efforts to de-escalate tensions surrounding the Ukraine conflict.In a matter of weeks, Russia has turned from a lucrative bet on surging oil prices to an uninvestable market with a central bank hamstrung by sanctions, major banks shut out of the international payments system and capital controls choking off money flows.

Le Maire’s initial remarks drew an angry riposte from Russia’s former president and prime minister, Dmitry Medvedev, who is now the deputy Chair of the Security Council of the Russian Federation.

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Live updates: How the Russia-Ukraine crisis is impacting markets, business and the economyIt's extremely likely Russia will default on its external debts and its economy will suffer a double-digit contraction this year, the Institute of International Finance warned today Excellent news!
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