French stocks drifted lower on Wednesday after the European Commission announced several measures including plans to phase out supplies of Russian crude oil within six months and refined products by the end of 2022.
European Commission President Ursula von der Leyen also proposed to remove Russia’s biggest bank Sberbank and two other banks from the international SWIFT transaction and messaging system as part of a sixth sanctions package to punish Moscow over its war in Ukraine.
The benchmark CAC 40 dipped 0.3 percent to 6,458 after closing 0.8 percent higher the previous day.
Electric utility EDF tumbled 3.6 percent. The company reported a jump in Q1 sales but core profit outlook was capped by nuclear reactor outages.
Market Analysis
CAC 40 Slides After More Sanctions On Moscow
2022-05-04 09:19:28
