Vice-Minister of Finance M. Liutvinskas: pressure with sanctions on russia should be strengthened

During the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB) in Washington, D.C. Vice-Minister of Finance M. Liutvinskas attended the coordination meeting of G7 and like-minded countries initiated by the US to discuss further steps to strengthen the sanctions regime against russia and their implementation.

“It is vital to further deepen cooperation between Western partners to further limit russia's ability to finance the war and to acquire technologies necessary for the military industry. Future decisions on sanctions should include the energy sector, which remains the Kremlin's main source of revenue supporting russia's war economy. In addition, there is scope to extend sanctions also to the financial sector”, stated Mr M. Liutvinskas.

The Vice -Minister also stressed the importance of not only expanding the scope of the sanctions regime, but also strengthening their implementation, in particular by finding solutions to limit the circumvention of sanctions through third countries. In this regard, it is necessary to coordinate the actions of partners to reduce the appetite of third-country companies to maintain business relations with russia.

During the annual meetings the Vice -Minister also had meetings with US Deputy Treasury Secretary W. Adeyemo, President of the World Bank Group Ajay Banga and Vice President of the Europe and Central Asia Region at the World Bank Antonella Bassani, World Bank Group Executive Director representing Nordic-Baltic countries S. Rawet, Director of the European Department, IMF Alfred Kammer, also with the mission leaders of the Ukraine, Moldova and Lithuania. The main topics of discussions were the further mobilisation of financial and political support for the Ukraine, as well as the economic outlook for Lithuania and the euro area.

Last updated: 31-10-2024

Related news:

S&P Global Ratings confirmed Lithuania’s credit rating

Defence bonds were distributed for EUR 80.5 million across recent issues

IMF: Lithuania’s economy is showing resilience against the backdrop of the energy price shock, but it is necessary to address challenges in the labour market and encourage investment in innovation and technology

K. Vaitiekūnas ahead of the Eurogroup meeting: we need not only to stimulate economic growth, but also to maintain stable prices

In Cyprus, which holds the EU Council Presidency – discussions on the macroeconomic situation in the euro area, EU competitiveness and housing affordability challenges