Saint Petersburg economic forum: Gilles Remy highlights the absurdity of the sanctions.

The 20th edition of the Saint Petersburg International Economic Forum (June 16 to 18) drew, as it does every year, virtually all the major Russian political and economic decision-makers and the foreign business leaders most closely involved in business relations with Russia.

Interviewed by RT News, Gilles Rémy, Chairman & CEO of CIFAL, stated that “the leaders of the European Union need to realize that sanctions against Russia are an absurd mechanism that does more harm than good.” On the issue of extending the sanctions, he said that “…given the inefficiency of the European institutions, a consensus will be sought, and a few countries, though marginal from an economic standpoint, will succeed in getting the sanctions renewed.