France warns of ‘economic shock’ from Russian victory in Ukraine
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France's Foreign Minister has warned that a Russian victory in Ukraine could grant Moscow control over extensive resources, potentially leading to an "economic shock" for Europe.
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French Foreign and European Affairs Minister Stephane Sejourne, speaks during a press conference following the Weimar Triangle talks at the Chateau de La Celle Saint-Cloud near Paris, Monday, February 12, 2024. (AP)
French Foreign Minister Stephane Sejourne said on Saturday that a potential Russian victory in the war in Ukraine could cause a great economic blow to the West because Moscow would gain control over vast resources.
In an opinion piece published in the French daily Le Monde, the minister argued that Moscow was attempting to persuade Paris that it would be "more rational" to forsake Ukraine. He objected to this notion, asserting that "the French are not naïve" and that few actions could be more detrimental to the country's interests.
Apart from the security concerns, a triumph for Russia would introduce significant economic ramifications for the West, as per Sejourne. "Permitting Russia to claim control over the fertile Ukrainian black lands would entail surrendering a portion of food sovereignty, acquiescing to unchecked inflation, and furnishing Russia with unparalleled leverage for coercion and extortion," he emphasized.
Read next: EU plan to seize frozen Russian assets equals 'economic racketeering'
Highlighting Ukraine's significant role as the source of 30% of global wheat exports, the minister asserted that Moscow's grip on these resources would empower it to "undermine our domestic farmers."
Additionally, he warned of "immense risk" for Europe if Russia maintained control over the Zaporozhye nuclear power plant, the largest facility of its kind on the continent, though he did not provide further details on the reasons behind this concern.
“Europe and the world, the French people would suffer an unprecedented economic shock,” Sejourne stressed.
Sejourne continued by urging the West to resist the "temptation of fatigue." He emphasized, "The efforts made today to support Ukraine pale in comparison to what would be required to confront a victorious Russia." He insisted that current policies would enable Kiev's supporters to maintain control over prices.
Zelensky signs French security pact
This comes after Ukraine's President Volodymyr Zelensky signed a security pact with his French counterpart Macron at the Elysee Palace on Friday.
Hours earlier, he completed a similar deal with Germany which was praised by Chancellor Olaf Scholz who described it as a "historic step" in support of Ukraine amid its war with Russia.
Both agreements are part of Zelensky's plan to get aid and support for his forces in the war against Russia.
The French agreement guarantees Ukraine up to 3 billion euros ($3.2 billion) in aid for 2024, after 1.7 billion in 2022 and 2.1 billion last year, officials revealed, adding that this agreement will run for 10 years, strengthening the artillery field cooperation.
This deal's main goal is to aid Ukraine with the "re-establishment of its territorial integrity within its internationally-recognized borders", and anticipate "any renewed Russian aggression," the officials confirmed.
Read next: Zelensky lands in France in pursuit of further pressure on Russia
