French Nationalists Transfer Funds from Czech-Russian Bank to Hungary
French National Rally party leader, Jordan Bardella, has announced plans to liquidate the party’s debt before the end of the year. The party is currently 6 million euros in debt from a loan taken out in 2014 with the Czech-Russian bank, First Czech Russian Bank (FCRB). Bardella aims to repay the entire loan in one go, despite it originally being intended to be repaid over the next five years. The decision is seen as a preemptive measure to avoid accusations of Russian interference in the party’s operations.
The French National Rally is banking on receiving a payment of 10.2 million euros from the public subsidy based on the results of next autumn’s legislative elections. This subsidy would help the party repay its debt and further distance itself from allegations of Russian influence. During the presidential election, party leader Marine Le Pen was accused by Emmanuel Macron of relying on Russian power and having Russia as her “banker.”
Reports suggest that the French National Rally will seek financing from Hungarian bank MKB, which previously financed the party’s 2022 presidential campaign. In March 2022, Marine Le Pen received a 10.7 million euro loan for her campaign from MKB Bank. Turning to Hungarian financing may help the party address its debt and maintain financial independence.
Overall, Bardella’s decision to liquidate the party’s debt showcases a commitment to financial stability and independence. It also demonstrates a proactive approach in addressing potential allegations of foreign interference in the party’s affairs. The French National Rally looks to secure a strong financial position ahead of the upcoming legislative elections and maintain its political momentum.
