France Warns U.K. of ‘ Banking Retaliation’ if it does not open up its fishing waters

France is threatening to block regulations that would allow U.K. financial firms to do business in the European Union if the country doesn’t respect its Brexit commitments on fishing.

“The U.K. must deliver licenses, authorization to access their waters for fishing, that’s the deal,” French Junior Minister for European Affairs Clement Beaune told BFM Business TV Tuesday.

If the U.K. doesn’t provide access to its waters to the fishing industry as per the Brexit deal, Beaune said “retaliation measures” will be adopted in other sectors, including “financial services.”

As long as commitments aren’t met on fishing, “we will give none,” said Beaune. “It is quid pro quo.”