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Dispute affects US-EU Trade Treaty

Friday, June 06 08:34:52

A dispute between U.S. courts and French bank BNP Paribas over alleged sanctions busting could hurt trade treaty talks between the United States and the European Union, French Foreign Minister Laurent Fabius said on Friday.

U.S. President Barack Obama has dismissed French calls to intervene to help BNP Paribas, which faces pressure to sever ties with senior executives and may need to pay penalties that could top $10 billion, sources have said.

"This treaty can only exist on the basis of reciprocity," Fabius, who dined with Obama and President Francois Hollande on Thursday, told RTL radio. "If, in the case of a European bank, they were behaving in a unilateral way, and not on the basis of reciprocity, that could have negative consequences." (Reuters)