Finance

Former Russian president Dmitry Medvedev warns France that economic wars quite often turn into real wars

The threat came after France's foreign minister said that the West will bring about the collapse of Russia's economy

by Charlie Smith on March 1st, 2022 at 4:26 AM
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      The deputy chair of Russia's security council is ramping up his rhetoric after Western sanctions drove down the value of his currency.

      "Today, some French minister has said that they declared an economic war on Russia," Dmitry Medvedev  tweeted. "Watch your tongue, gentlemen! And don't forget that in human history, economic wars quite often turn into real ones."

      Medvedev was president of Russia from 2008 to 2012 and prime minister from 2012 to 2020. The tweet was also issued in French as well as English.

      Russian president Vladimir Putin previously said that he has put his country's nuclear forces on high alert.

      Medvedev's tweet was in response to comments by French finance minister Bruno Le Maire. 

      "We will bring about the collapse of the Russian economy," Le Maire told a French broadcaster. "The economic and financial balance of power is totally in favour of the European Union which is in the process of discovering its own economic power."

      Medvedev's Facebook page includes more bellicose language.

      "Sanctions can be a great ground to finally reconsider all the relationships with the states that have imposed them, including breaking the strategic stability dialogue," he wrote. "Basically, we could give it all up, together with the New START, which I and Obama signed, and Putin and the current head of the US extended. What’s the use of it now, under such conditions, signed by sanctioned individuals? It doesn’t seem prestigious enough. As for diplomatic relations, well, there is no great need for them either. It’s time to hang huge padlocks on embassies. And to remain in contact only looking at each other through binoculars and weapon optics."

      Canada's foreign affairs minister, Mélanie Joly, has said that her government's goal has been "to make sure that we are suffocating the Russian regime".

      The Moscow Stock Exchange index has been closed, but Russia-focused funds trading in the United States still sharply declined this week, according to Forbes staffer Jonathan Ponciano.

      The ruble fell 29 percent in comparison to the U.S. dollar after many Russian banks were prevented from having access to the international SWIFT payments system.

      The Russian ruble plunged this week against the U.S. dollar.

      Medvedev's warning came after several countries, including Canada, have announced that they will send military aid to Ukraine.

      On February 28, Defence Minister Anita Anand told reporters that Canada will supply Ukraine with at least 100 Carl-Gustaf antitank weapons and 2,000 rockets.

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