Vice-Minister of Finance M. Liutvinskas: "We Have to Limit the Ways of Circumventing Sanctions"

On 15-16 May, the Vice-Minister of Finance will participate in the meetings of the Eurogroup (EG) and the European Union (EU) Finance Ministers (ECOFIN) in Brussels, where the greatest attention will be paid to discussing the economic prospects of the EU, the strengthening of the banking system and the development of financial markets, and the effectiveness of sanctions against Russia and Belarus in order to prevent their circumvention through third countries.

"Lithuania consistently advocates the tightening of sanctions against Russia and Belarus. However, imposing sanctions alone is not enough. In order for them to be effective, it is necessary to ensure the full implementation of sanctions and prevent circumvention, including through third countries. We need to pay appropriate attention to this both at the national and EU level," says Vice-Minister of Finance M. Liutvinskas.

At the meeting, the ministers will exchange opinions on the implementation of the Recovery and Resilience Facility (RRF), the impact of the instrument on promoting the implementation of reforms in the countries. Also during the ECOFIN, the ministers will discuss the legal proposals presented by the European Commission regarding the revision of the banking crisis management and deposit insurance system, which are aimed at strengthening the stability and resistance to shocks of the EU financial system.

Among the main issues of the EG agenda is the further development of the capital market at the EU level, with the aim of increasing the economy's resilience, competitiveness and resource mobilization for green and digital transformations.

During the EG meeting, the ministers will also discuss the progress in the implementation of the digital euro project, emphasizing the international dimension – the possible impact on the international role of the euro, the implementation of the strategic autonomy goals of the EU.

Macroeconomic trends in the euro area will also be discussed at the EG meeting, a thematic discussion will take place about structural challenges for companies in the context of geopolitical tensions, and reports on the implementation of the Banking Union will be discussed.

Last updated: 18-05-2023

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