FILE PHOTO: French Finance Minister Bruno Le Maire during a past event. /CFP
FILE PHOTO: French Finance Minister Bruno Le Maire during a past event. /CFP
French Finance Minister Bruno Le Maire on Sunday revealed that France was in talks with the United Arab Emirates to replace purchases of Russian oil, which will stop following a European Union (EU) ban on Russian oil and petroleum products.
"We are looking for substitutes to the supply of gas or diesel from Russia," Le Maire told Europe 1 Radio.
"For example, the United Arab Emirates can be a solution, at least temporarily, to replace Russian oil and diesel. These are discussions that have already begun with the United Arab Emirates."
On Friday, the EU officially adopted the sixth sanctions package against Russia in response to Moscow's military operations in Ukraine.
The package included a complete import ban on all Russian seaborne crude oil and petroleum products.
The ban, however, is subject to certain transition periods to allow the sector and global markets to adapt, and a temporary exemption for pipeline crude oil to ensure that Russian oil is phased out in an orderly fashion.
According to Le Maire, France also aims to speed up investment in the transition to cleaner energy, such as fast-tracking the roll-out of offshore wind farms, to boost the country's energy independence.
(With input from agencies)