Economic sanctions imposed by the European Union (EU) against Russia will barely affect Lithuania’s economy, finance minister believes.
Rimantas Šadžius
© DELFI / Kiril Čachovskij

“They will have a certain effect but I think it will be limited, it’s not a disaster. It’s not some severe shock. It’s a given of life and our economy will be able to withstand it,” Rimantas Šadzius said in an interview to the Žinių Radijas radio station on Thursday.

The growth of Lithuania’s gross domestic product (GDP) proved that Russia’s effects on the country’s economy were minor, he said.

The GDP rose by three percent in the second quarter of this year from a year ago, slightly missing the Finance Ministry’s forecast of 3.4 percent.

The gap showed that unfavourable geopolitical events and economic slowdown in Russia had minor effects on Lithuania, Šadžius said.

“We could actually conclude now that the events going on around us did not have any substantial effect on the Lithuanian economic situation, their effect was rather limited… Lithuania’s companies are able to respond to changes in the neighbouring countries rather quickly and to refocus to other markets in case of any difficulties in one particular market, in particular in the market for food,” the minister said.

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