The European Union (EU) and the euro area may help Lithuania shield itself from Russia’s economic sanctions or outweigh those measures, president of the European Central Bank (ECB) believes.
Mario Draghi
© Reuters/Scanpix

“Speaking about the effects on the economy, the recent crisis triggered by the situation in Ukraine, the introduction of sanctions against Russia and the sanctions applied by Moscow have thus far not produced any major effects on the euro area’s economy either through trade or financial channels. Still, the negative effects on the Baltic countries and Finland, which have close commercial relations with the neighboring Eastern countries, would be more pronounced than the effects on other euro area countries,” Mario Draghi said in an interview to the Verslo Žinios on Thursday.

He added that the family of European countries would ensure security that would help outweigh, at least partially, the negative effects stemming from geopolitical tensions between Russia and Ukraine.

“The euro area is a huge market, which offers Lithuanian producers a chance to recover after the losses sustained in Russia’s market. Finally, if there is any major turmoil in the financial sector, the euro area countries may use euro liquidity lines, which, in emergencies, are provided by the national central banks, which, in their turn, receive euro liquidity from the Eurosystem,” Draghi said.

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