G. Skaistė: "I hope that in the future it will be possible to cross the remaining red lines in supporting Ukraine and sanctioning Russia"
On 4-5 November, Minister of Finance Gintarė Skaistė will participate in the meetings of the Eurogroup (EG) and the Council of Ministers of Economic and Financial Affairs of the European Union (EU) (ECOFIN) in Brussels. The meetings will focus on the issues of support to Ukraine, EU competitiveness and development of capital markets.
"We welcome the consensus of the G7 countries, including the EU, on the EUR 45 billion loan to Ukraine, which will be repaid using the profits generated by the frozen russian central bank. This decision largely covers Ukraine's external financing needs for the next year and – what is very important – crosses the previous red line of some partners regarding the use of frozen russian assets for Ukraine's needs. I hope that in the future it will be possible to cross the remaining red lines as well, both when expanding the sanctions regime, providing military support to Ukraine, and when making decisions regarding the expropriation of russian assets frozen in Western countries, transferring funds to the country that is defending itself", G. Skaistė stated.
In October, the G7 countries reached a consensus on the provision of the USD 50 billion (EUR 45 billion) loan to Ukraine, the repayment of which will use the profits from the russian frozen assets. The EU's share in this loan will amount to about EUR 18 billion. It is also planned to create the Ukraine Loan Cooperation Mechanism, which would serve the loans of the EU and G7 partners.
At the ECOFIN, ministers will seek political consensus on the VAT in the Digital Age package, which aims to modernize the EU's VAT system to make it more efficient and fraud-resistant. The meeting will also discuss the implementation of the Recovery and Resilience Facility (RRF) at the EU level.
At the EG meeting, there will be a discussion on the competitiveness of the European economy, emphasizing the need to deepen the single market, the need to create an EU Capital Markets Union and promote the integration of the banking sector, and the importance of synergy between private and public investments in order to achieve EU-level goals.
Last updated: 06-11-2024
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