France is in “discussions” with the United Arab Emirates to find alternatives to Russian oil hit by a European embargo, French Economy Minister Bruno Le Maire said on Sunday.
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“These are discussions that are already underway with the United Arab Emirates,” said Mr. Le Maire on Europe 1 and CNews, adding that Paris was looking for “substitutes for the supply of gas or diesel from Russia”.
The European Union on Friday imposed its sixth package of sanctions once morest Moscow, including a drying up of its oil supplies. The objective is to participate less in the financing of the Russian war in Ukraine through massive purchases of energy from the regime of Vladimir Putin.
The progressive embargo will affect two thirds of European purchases. Germany and Poland having decided on their own to stop deliveries via the Druzhba pipeline by the end of the year, Russian imports will be affected by more than 90%, according to the Europeans.
In this context, Abu Dhabi can be “an at least temporary alternative to Russian oil and diesel”, said Mr. Le Maire.
Earlier Sunday, the European commissioner responsible for the internal market Thierry Breton had affirmed on Europe 1 that “behind, it will also be necessary, and I am preparing for it, to be exempt from Russian gas”, citing the desired increase in gas imports liquefied natural from the United States and Qatar.
The war led to a surge in energy and food prices, weighing heavily on French growth prospects.
The French government will revise its growth forecast, which is currently 4%, added the Minister of the Economy, considering that “it is obvious that with the war in Ukraine, inflation, all this will put cause the prospects”.
Growth will however be “positive in 2022”, estimated Bruno Le Maire, postponing the announcements of revision of the outlook to following the legislative elections.