Politico reported on the EC's readiness to financially support the Baltic States due to sanctions
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- Politico reported on the EC's readiness to financially support the Baltic States due to sanctions
In 2026, the European Commission (EC) will provide financial assistance to the Baltic countries that have suffered economic damage due to the European Union (EU) sanctions against Russia. This was reported by the Politico newspaper on November 27.
"Next year, the European Commission will provide financial assistance to the Baltic states that have suffered collateral economic damage from EU sanctions against Russia," the publication says.
It is noted that as a result of the restrictions, the Baltic States have suffered particularly badly in the field of tourism and investment. The "collapse of cross-border trade" was also noted.
According to diplomats and EC officials who spoke on condition of anonymity, the aim of the initiative is to "give an impetus" to the development of the economies of the Baltic States and neighboring Finland. The process will be led by Regional Commissioner Raffaele Fitto.
"As a result of [sanctions], Finland, Estonia, Latvia and Lithuania suffered... The sanctions have paralyzed cross—border trade with Russia, and the situation has been exacerbated by the rapid rise in inflation since the pandemic," the newspaper notes.
On the same day, it became known that the authorities of Ukraine and the International Monetary Fund (IMF) reached an agreement at the expert level on a new program of expanded financing of the country in the amount of about $ 8.1 billion. It is noted that the relevant negotiations were held from November 17 to November 21 at the initiative of Ukraine.
Prior to that, on November 25, the EC launched an investigation and proposed to take disciplinary action against Finland due to excessive public debt. In Brussels, it was emphasized that Finland plans to reduce the deficit to 4% of gross domestic product (GDP) by 2026, but the figures will still exceed the EU standards.
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