The French Minister for Finance and Chairman of the Ecofin Council, Bruno Lemerstated today that the sanctions against Russia have great effectivenesshave disorganized the Russian financial system and have paralyze the Central Bank of Russia.
In Press conference shortly after the three-hour teleconference of the EU finance ministers, Bruno Lemerre stressed the absolute unity and determination of the Europeans in their response to Russia’s aggression, but also in its support. Of Ukraine. Ukraine, he said, will receive 1.2 billion euros in financial assistance and the first tranche, 600 million euros, will be disbursed on March 15, while additional significant financial assistance is expected to be approved.
Regarding sanctions against of Russia, Bruno Lemerre said that both their effectiveness and their financial impact are being considered. He also said that the finance ministers decided to further strengthen the sanctions and to include cryptocurrencies. “We will assess the situation on a daily basis in terms of implementation, effectiveness and the need for additional measures,” he said.
In particular, he referred to meters already taken, such as the exclusion of major Russian banks from the international financial transaction system (swift) and the freezing of assets of the Central Bank of Russia in the EU, as well as sanctions against Belarus.
He pointed out, however, that sanctions against Russia have an impact on European economies, with greater risk of inflation driven by rising energy prices. He added that it is possible that the gap between the member states will increase, depending on their degree of dependence on Russian energy. “EU countries should coordinate measures to support economies and households, as they did during the Covid 19 pandemic crisis,” said Bruno Lemerre. He noted that short-term solutions are under discussion to protect businesses in the EU (especially the most vulnerable and energy-intensive) with subsidies or loans.
About general escape clause from the fiscal rules of the Stability Pact, Bruno Lemerre said that the Commission will review the issue in May and June and stressed that it has been decided not to activate the excessive deficit procedure.
Finally, when asked why the Russian banks Sberbank and Gazprombank, which are excluded from Swift, are not on the list of Russian banks excluded from Swift, Bruno Lemmer answered meaningfully that “this is a first decision”.
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