The EU is finalising a fifth package of sanctions against Russia, European Commission Executive Vice-President Valdis Dombrovskis told a press conference after the Economic and Financial Affairs Council (ECOFIN).
This is the EU’s response to the Bucha massacre – “Russia’s latest atrocities and its callous attitude to non-combatants – innocent civilians – that have shocked the world”.
Dombrovskis added that the EU would continue to ramp the sanctions up as long as Russia continues its aggression.
He also said that EU countries should coordinate and work together, including with the EU’s global partners, “to make sure that sanctions are properly and quickly enforced, not circumvented”.
“Any loophole should be closed off, quickly and firmly. Sanctions that exist only on paper are just that – paper. We want sanctions to continue biting Putin’s regime hard in the real world,” said Domrovskis.
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EU Finance and Economy Ministers meet on 5 April 2022 in Brussels. The meeting is chaired by Bruno LE MAIRE, Minister of Economy and Finance of France. The meeting opens as the Ukrainian Finance Minister, Sergii Marchenko, addresses the council. Ministers then discuss the economic and financial consequences of the sanctions imposed on Russia after its military aggression against Ukraine. The Council then picks up last June’s discussion on the strengthening of the European financial architecture for development (EFAD), taking as its central focus the actions taken in response to the invasion of Ukraine.
Furthermore, Minsters affirm their positions before the upcoming meetings of the G20 finance ministers and central bank governors, and the IMF spring meeting. Ministers debate the proposal to adopt the OECD agreed level of global minimum tax on multinational corporations.
Finally, Ministers then attempt to bring their discussions on EU strategic autonomy as it relates to financial and economic issues to a conclusion. The meeting ends as the Council are brought up-to-date on current legislative proposals in the field of financial services.
EU Finance and Economy Ministers meet on 5 April 2022 in Luxembourg. The meeting is chaired by Bruno LE MAIRE, Minister of Economy and Finance of France. Ministers have a policy debate on the proposal to transpose into EU law the global agreement reached at OECD level according to which large multinational corporations may not pay less than 15% taxes anywhere in the world and aim to reach a Council position on the proposal. They also discuss about the economic and financial consequences following the sanctions imposed on Russia after its military aggression against Ukraine. Furthermore, the Council is expected to give guidance as regards the upcoming G20 meeting of Finance Ministers and central bank governors and agree the EU's mandate for this meeting.
