Version anglaise de l’article d’Unidivers.
We had dealt with the subject of the embargo and blockade as a diplomatic weapon. The case of BNP Paribas in the United States and the Ukrainian crisis highlighted another practice: The financial embargo.
In Ukraine crisis, USA and Europe agreed more or less to sanction some Russian oligarchs targeted to weigh in negotiations. To do this, they blocked financial assets in « friendly » banks . The interdependence of banks, even in tax havens should do the rest for these oligarchs and to influence Russian diplomacy. In fact, these measures had little impact, if can be to migrate Russian investors in other countries as Wall Street and London.
For BNP Paribas, the situation is more complex since its « business in the United States » is concerned. The U.S. blockaded Cuba for several spent decades, and Iran in recent years. Any company involved the United States must comply with this prohibition, under penalty. While many banks go through complex financial circuits to avoid it, there’s often little sanctions. For the BNP, it is either to make an example, or blackmail for other national target : Transatlantic Agreement on Free Trade , Operation on shale gas, Politics in the Middle East, an alliance against Russia are many possibilities. A few months ago, a building owned by the Iranian state, located in the United States, was seized on a court decision. In fact, economic aggression signals from the United States at the end of term of President Obama are numerous.
They come to a real interference via these financial embargoes outside the United nations. Thus, the French automakers well positioned in Iran, have to cease trading with the Persian state. For PSA it is almost 450 000 vehicles per year that have been deleted, which is not without influence on the economic situation of the group. The agreement with GM, now aborted, had precipitated matters and the new management, as well as that of Renault, is waiting fora quick restart of this activity. There are rumors of negotiations between the Iranian state and the Korean subsidiary, GM Daewoo Chevrolet to establish a joint venture or partnership with an Iranian manufacturer. In this context, this is the use of an embargo to negotiate and redefine the economy. We will also remember the threats of this type during the Suez crisis in 1956 when the United States threatened the British Pound to end the alliance France-UK-Israel.
Today, agreement profile for BNP Paribas to 9 billion Dollars deal. Furthermore the amount of the transaction and the strategy of the French group internationally, we may wonder what there is behind this agreement for the French diplomacy. European diplomatic weakness obviously weighs in this imbalance, while China and Russia are close to a gas agreement (rather favorable to China). What become very observant of economic activities in the Asian region and the eastern financial centers.