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Italy can convince France and Germany to abandon sanctions against Russia, Intesa CEO says

Antonio Fallico said "the current Italian government is acting bravely" in this respect

VERONA, October 26. /TASS/. Italy can convince France and Germany not to expand sanctions against Russia, Chairman of the Board of Directors of Banca Intesa Antonio Fallico told TASS.

"In this respect the current Italian government is acting bravely. But it has to exist in a system with too many conventionalities. This concerns both the level of the EU and NATO. If we get an alliance of Italy, France and Germany in Europe, I think, this matter will be settled. At least, on the eve of deciding on further extension of sanctions the current Italian government can convince other countries to vote against it. If this does not work, then at least Italy should vote against, and then the sanctions will not be automatically renewed, "he said in an interview with TASS at the Eurasian Economic Forum in Verona.

Fallico noted that he did not see anything scandalous in such an act.

"Over time, everyone will understand that this is the very approach that meets the interests of both ordinary citizens and business, and countries as a whole. No political earthquake will occur," he said.

The head of the bank stressed that the patience of the European business on the issue of sanctions is over.

"European enterprises are taking the current situation as a crisis, as an inability to look into the future and build promising projects. Sanctions have become a hateful barrier even for strategically important companies, let alone small and medium businesses. In this case, the problem of sanctions is getting much worse and we hear almost ultimatum-like statement," he said.

EU sanctions

The EU has several packages of economic sectoral sanctions against Russia in effect now, the blacklists of individuals and legal entities, as well as packages of sanctions against Crimea.

The packages were endorsed in the framework of the EU’s official strategy line at non-recognition of Crimea’s reunification with Russia.

The EU Foreign Ministers introduced initial sectoral measures on July 31, 2014, and they concerned the financial, energy and defense sectors, as well as dual technologies. The EU prolongs them every six months. At present, they hold effect through to January 31, 2019.