PARIS, April 16 (RIA Novosti) – Top officials at the Franco-Russian Chamber of Commerce and Industry (CCIFR) have warned of devastating consequences for business if broad EU economic sanctions are introduced against Russia.

At a meeting with French Foreign Minister Laurent Fabius on Wednesday, CCIFR President Emmanuel Quidet and Director General Pavel Shinsky voiced the concerns of the Franco-Russia business society and Russian businessmen regarding the possible move.

According to CCIFR, Fabius said he was ready to discuss the issue with his EU counterparts to adopt a single position that would not threaten future relations between French and Russian businesses.

Following Crimea’s reunification with Russia, European countries announced a three-stage sanctions process against Russia.

The first stage saw the suspension of talks of a number of Russian and EU working groups. The second stage was visa sanctions and asset freezes of targeted Russian officials. The third stage, not yet reached, would be broad economic sanctions.

The Russian Foreign Ministry has called the language of sanctions in relation to Russia both inappropriate and counterproductive.