‘Respect for our most fundamental European values has a price, we are prepared to pay that price’

Today’s (25 February) informal meeting of finance ministers focused their attention on the repercussions of sanctions following Russia’s further invasion of Ukraine. French Finance Minister Bruno le Maire said that there would be a price for EU sanctions, but that it was a price Europe is prepared to pay. 

“As I speak, Russian troops have invaded Ukraine. As I speak, the freedom of a sovereign European nation is under attack. Yesterday evening, the heads of state and government of the European Union adopted massive sanctions against Russia,” said Le Maire.

Le Maire told journalists that the European Commission and European Central Bank had carried out an assessment of the economic impact of the proposed sanctions: “We need to realize that these sanctions will have an impact on our European economies. There'll be an impact, in particular, on the most exposed economies, those which do the most trade in goods and above all raw materials and energy with Russia.”

However Le Maire said that what was at stake was European values of freedom and respect for the rule of law: “Respect for the most fundamental European values we are discovering has a price, government leaders yesterday and finance ministers this morning have shown we are prepared to pay that price.”

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