France Sees Prospects For Development Of Economic Relations With Russia Despite Sanctions

French Finance Minister Bruno Le Maire said Monday that France saw a potential for developing economic relations with Russia despite the prolongation of EU sanctions against Moscow.

PARIS (UrduPoint News / Sputnik - 17th December, 2018) French Finance Minister Bruno Le Maire said Monday that France saw a potential for developing economic relations with Russia despite the prolongation of EU sanctions against Moscow.

"We think that within the framework of sanctions that were prolonged by the European Union there is still a room for developing bilateral relations with regard to specific economic projects between France and Russia," Le Maire said during joint press conference with Russian Economic Development Minister Maxim Oreshkin in Paris.

Le Maire also noted that the parties were working on development of bilateral relations mostly within the Russian-French Council on Economic, Financial, Industrial and Trade Issues (CEFIC), adding that France, however, complied with the sanctions regime.

In 2014, relations between Russia and the West deteriorated over Moscow's alleged involvement in the Ukraine conflict and Crimea's reunification with Russia. EU member states, including France, imposed several rounds of sanctions on Russia's energy, banking, and defense sectors, among others, as well as on a number of Russian officials. Russia has denied the accusations and introduced a set of countermeasures in response to the West's restrictions.

The CEFIC is the main working body of the Russian-French Commission on issues of bilateral cooperation (IGC). The CEFIC has 12 specialized working groups that are responsible for bilateral trade and economic cooperation. The CEFIC members meet regularly in Russia and France on a rotating basis.