France Working to Reduce U.S. Fine on BNP Paribas
French Bank Fined $10 Billion Over Violating U.S. Sanctions Rules PARIS—The French government has made progress in convincing U.S. authorities to moderate a $10 billion fine on French bank BNP Paribas, BNP.FR +0.08% Finance Minister Michel Sapin said Sunday.
"I think we have made progress toward more equitable sanctions," Mr. Sapin said Sunday on Europe 1 radio. "I hope we're close [to a settlement] because the uncertainty is not good for the French economy."
U.S. authorities are pushing BNP Paribas to pay more than $10 billion and plead guilty to settle investigations into its alleged transactions with Sudan, Iran and other countries subject to U.S. sanctions, according to people familiar with the matter.
The bank has disclosed discussions with U.S. authorities and said that potential fines could be "far in excess" of the $1.1 billion it had previously set aside to cover possible penalties. BNP Paribas has said it is cooperating with the investigations.
The French government has sought to influence the penalty negotiations. In a letter to U.S. President Barack Obama two months ago, French President François Hollande said the sanctions shouldn't be "unfair and disproportionate," a government spokesman said earlier this month.
On Sunday, Mr. Sapin said the government is hoping for "sanctions on the past, not on the future."
"I don't want there to be sanctions that would prevent this bank from financing the French economy in the future," Mr. Sapin added.