Does Air France Cancellation policy violate EU 261/2004

Related to https://travel.stackexchange.com/questions/155243/air-france-cancellation-policy-seems-to-violate-eu261 but this question is explicitly about legality as compared to "how to approach Expedia"

Air France Cancellation Policy says for flights canceled by Air France:

complete the online form below to obtain a travel voucher. This voucher is valid for 1 year on all Air France, KLM, Delta Air Lines and Virgin Atlantic flights. This voucher will be refundable after one year if it is not used

EU 261/2004
Article 5:

1. In case of cancellation of a flight, the passengers concerned shall:

(a) be offered assistance by the operating air carrier in accordance with Article 8; and

Article 8:

1. Where reference is made to this Article, passengers shall be offered the choice between:

(a) – reimbursement within seven days, by the means provided for in Article 7(3), of the full cost of the ticket at the price at which it was bought, for the part or parts of the journey not made, and for the part or parts already made if the flight is no longer serving any purpose in relation to the passenger’s original travel plan, together with, when relevant,

So it seems that EU261 requires refund within 7 days but Air France is offering only a travel voucher that may be refunded after one year.

Questions:

1. Does this Air France policy violate EU 261 ?
2. If yes, what options does a passenger have to get a full refund as required bu EU 261 ?