Hollande warns Obama against sanctions on French bank

French President Hollande wrote a letter to US President Obama voicing his concerns about BNP Paribas, which is to be fined 10 billion dollars by US authorities.

Hollande warns Obama against sanctions on French bank

World Bulletin / News Desk

French President Francois Hollande wrote a letter to US President Barack Obama to voice his concerns over sanctions by US authorities against French bank BNP Paribas.

According to a statement made from the Elysee Palace on Wednesday, Hollande demanded that US courts approach the issue in a reasonable way.

According to American media reports, BNP Paribas would pay a 10 billion dollar fine for violating US embargo on countries such as Iran, Sudan and Cuba.

In addition to the fine, US jurisdiction requested the resignation of 10 senior executives on accounts of negligence. BNP Paribas could also face a possible loss of its banking license in the United States, meaning it would not be able to deal in dollars.

In recent years, the United States have recently been revising the financial transactions with sanction-imposed countries, namely investigating BNP Paribas for violation of embargo between 2002 and 2009.

Following reports of the possible fine last week, BNP Paribas' shares plummeted in the stock market.

Last Mod: 05 Haziran 2014, 09:53
Add Comment