On Monday, Remigijus Motuzas, First Deputy Chancellor of the Government, and Evaldas Gustas, Minister of Economy who is standing in for the prime minister, will hold consultations with representatives of concerned institutions on restrictions to import raw materials, agricultural and food products imposed by Russia.
Evaldas Gustas
© DELFI / Šarūnas Mažeika

As reported, the impact of the Russian sanctions on the Lithuanian economy is estimated to be insignificant. Due to the food embargo, the growth of Gross Domestic Product (GDP) may slow by 0.2 percent.

"We can state that the impact will not be significant, if the process drags on, GDP growth may slow by 0.2 percent due to food embargo," said Minister of Economy Evaldas Gustas after the meeting with President Dalia Grybauskaite on Friday.

According to Gustas, it should not affect the previous commitments of the Government, for example, to compensate a share of pensions cut during the crisis. The minister of economy drew attention to the fact that the state could not provide direct support in the area of exports; however, indirect measures were under consideration.

According to Gustas, Enterprise Lithuania will allocate additional LTL 2.5 million (EUR 0.7 million) to searches for new markets and exploratory missions.

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