"We think that within the framework of sanctions that were prolonged by the European Union there is still a room for developing bilateral relations with regard to specific economic projects between France and Russia," Le Maire said during a joint press conference with Russian Economic Development Minister Maxim Oreshkin in Paris.
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Le Maire also noted that the parties were working on the development of bilateral relations mostly within the Russian-French Council on Economic, Financial, Industrial and Trade Issues (CEFIC), adding that France, however, complied with the sanctions regime.
The CEFIC is the main working body of the Russian-French Commission on issues of bilateral cooperation (IGC). The CEFIC has 12 specialized working groups that are responsible for bilateral trade and economic cooperation. The CEFIC members meet regularly in Russia and France on a rotating basis.
Russia, France Trying to Implement Joint Projects Despite Economic Sanctions
A similar position has been voiced by Russian Economic Development Minister Maxim Oreshkin, who stated that Russia and France are trying to ignore Western sanctions policies when developing economic relations and instead focus on specific joint projects.
"When developing Russian-French relations, we try not to pay attention to the political environment that surrounds them, we focus on specific projects, on specific things that make the economic life of Russia and France better," Oreshkin said, commenting on the impact of the extension of sanctions on the economic cooperation of the two countries.
Russia and France have the potential to expand cooperation in innovations, climate change, and productivity growth, Oreshkin said at a session of the Franco-Russian Council for Economic, Financial, Industrial and Commercial Cooperation (CEFIC).
"Cooperation [between Russia and France] lies not only in traditional area — energy sector. We are opening new directions, which are related to climate change, innovations, and labor productivity. Here, I think, we also have a lot of potential, which we will maintain. We have already agreed on this — to move [potential] forward," Oreshkin said.
He also noted that these new areas of cooperation were not previously on the agenda, but in the modern, dynamically changing world they gained importance.
Over 500 Italian Firms Working in Russia
Meanwhile, the importance Russia-EU trade relations has been underlined by Russian Minister of Industry and Trade Denis Manturov, who has touched upon Italy's policy of stable business ties with Russia during his interview to Italian newspaper La Stampa.
"It is important that Italian partners continue to follow the line of open and constructive dialogue with Russia. Despite today's difficult climate in the relationships between Russia and Western countries, ties between Russia and Italy remain stable, and for the second year in a row we can see a steady growth in bilateral trade. Over 500 Italian companies operate in the Russian market, and as far as we know, none have left or have intentions to do so," Manturov said.
The Russian minister is participating in the 16th session of the Russian-Italian Council for Economic, Industrial, Monetary and Financial Cooperation, which started in Rome earlier in the day.
"The lifting of sanctions from the Russian aluminium producer is of interest to the consumers of its products not only in Italy, but in the whole European Union, for whom Rusal is a reliable supplier of quality products with high environmental characteristics," the minister said.
Manturov added that cooperation in supporting small- and medium-sized businesses was the most prospective course of action for the Russian-Italian Council.
Russian-Italian trade is expected to reach $28 billion this year, which is $4 billion more than last year, yet significantly lower than the highest figure to date — $54 billion in 2013.
