Belgium defends BNP Paribas against US sanctions

Belgium is taking action to fight against a possible €7.3 billion fine imposed on French bank BNP Paribas by American authorities. The United States government is accusing the French financial group of violating US embargos by conducting financial transactions with countries such as Cuba, Iran and Sudan.

Earlier, France had already protested against the monster penalty, calling it unreasonable. The Belgian government has a stake of 10.3% in the French group since it took over the Belgian Fortis Bank in 2008, and would therefore most certainly be affected by the US sanctions.

European Council President Herman Van Rompuy hopes to address the issue with Barack Obama during today’s G7 summit in Brussels. Failing that, Prime Minister Elio Di Rupo may bring it up during his meeting with the US president this evening, according to business newspaper De Tijd.