Latest news with #MarcFerracci
Yahoo
04-07-2025
- Business
- Yahoo
French Minister Ferracci: Trade Wars 'Only Make Losers'
French Minister for Industry and Energy Marc Ferracci said "trade wars only make losers" and "we shouldn't be happy with what was announced today by China." Ferracci's comments came after Beijing imposed anti-dumping duties on European brandy for five years, while exempting major cognac makers that meet a price commitment, such as Remy Cointreau SA, Pernod Ricard SA and LVMH's Hennessy. "We all must find a way to de-escalate this trade war with regards to cognac, but also with regards to all the tariff issues," he tells Bloomberg's Caroline Connan.
Bloomberg
04-07-2025
- Business
- Bloomberg
France's Industry Minister Says 10% Tariffs Not Good Deal for EU
French Industry Minister Marc Ferracci said agreeing to 10% tariffs on European exports to the US would be a bad deal, signaling disapproval of a potential compromise with Washington. The European Union has until July 9 to clinch a trade arrangement with Donald Trump before tariffs on nearly all exports to the US jump to 50%. Some members of the bloc are willing to accept a deal that includes keeping a 10% universal tariff on many of the bloc's exports, but with lower rates in certain sectors, Bloomberg reported earlier.
Bloomberg
04-07-2025
- Business
- Bloomberg
French Minister Ferracci: Trade Wars 'Only Make Losers'
French Minister for Industry and Energy Marc Ferracci said "trade wars only make losers" and "we shouldn't be happy with what was announced today by China." Ferracci's comments came after Beijing imposed anti-dumping duties on European brandy for five years, while exempting major cognac makers that meet a price commitment, such as Remy Cointreau SA, Pernod Ricard SA and LVMH's Hennessy. "We all must find a way to de-escalate this trade war with regards to cognac, but also with regards to all the tariff issues," he tells Bloomberg's Caroline Connan. (Source: Bloomberg)
E&E News
05-06-2025
- Business
- E&E News
EU's top Russian LNG buyers refuse to back Brussels' gas ban
BRUSSELS — The European Union's two biggest buyers of Russian liquefied natural gas are refusing to endorse Brussels' plan to ban Moscow's gas, arguing they need more reassurances on the economic and legal consequences of the move before making a decision. France, the bloc's top buyer, told POLITICO it prefers a strategy of hunting for alternative supplies. Belgium, in second place, wants a report detailing the economic fallout before making a decision. 'What we're defending is a European strategy of diversification … which is already on the table,' French Energy Minister Marc Ferracci told POLITICO, referencing France's plan to replace Russian supplies with Qatari products. Advertisement The hesitation runs counter to the EU's other major Russian LNG importers: Spain and the Netherlands. Both told POLITICO they are eager to back the upcoming legislation, which would end Russian gas contracts, banning short-term purchases this year and long-term contracts by 2027. In theory, that would help the countries escape contracts which will otherwise will keep them buying Russian LNG for years.
Yahoo
04-06-2025
- Business
- Yahoo
France, Belgium wary of EU's plan to halt Russian LNG imports by 2027
France and Belgium are not ready to accept the European Commission's latest proposal to phase out Russian liquefied natural gas (LNG), calling for additional assurances, Politico reported on June 3. The two nations, the largest EU importers of Russian LNG, argue they need stronger legal and economic guarantees before committing to the plan. Russia's energy exports remain a major source of revenue for the Kremlin's military campaign against Ukraine. The Commission's proposal, unveiled on May 6, outlines a roadmap to end the bloc's dependence on Russian fossil fuels — gas, oil, and nuclear — by 2027. Although the EU has slashed its reliance on Russian gas from 45% in 2021 to 19% in early 2025, several key member states remain cautious about cutting LNG ties entirely. French Energy Minister Marc Ferracci told Politico that Paris supports diversification but prefers to prioritize securing replacement supplies. France has been sourcing alternative LNG from Qatar and other suppliers, but it remains bound to long-term contracts with Russian firms. "The stock of existing contracts… needs to be legally protected," Ferracci said. Join our community Support independent journalism in Ukraine. Join us in this fight. Support Us France's TotalEnergies, which owns a 20% stake in the Yamal LNG project in Siberia, has a supply contract with Russia's Novatek valid through 2032. Belgium, Europe's second-largest Russian LNG customer, is seeking an "in-depth impact assessment" before backing the Commission's plan. Belgian Energy Minister Mathieu Bihet said Brussels must evaluate how ending imports would affect its LNG terminals and storage infrastructure, which are expected to handle Russian shipments until 2035. The cautious stance by France and Belgium diverges from that of Spain and the Netherlands, who have both expressed readiness to endorse the Commission's strategy. Ukrainian officials and civil society groups have consistently urged the EU to cut these financial lifelines, pointing to the ongoing Russian attacks and occupation. The Commission's proposed cutoff forms part of a broader push to safeguard European energy sovereignty and reinforce the EU's sanctions architecture. The internal divisions among member states risk delaying implementation. Read also: Inside Russia, calls for peace come with conditions — and Kremlin talking points We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
