Lithuania To Use Fines for Non-Compliance With Sanctions To Rebuild Ukraine

The Lithuanian Cabinet of Ministers has approved amendments to the law providing for the use of fines received for non-compliance with international and national sanctions for the restoration of Ukraine.

This was reported by Kauno Diena.

The bill, submitted by the Ministry of Foreign Affairs, stipulates that the funds will be transferred to the Development Cooperation Fund and used to implement projects related to the restoration of Ukraine.

It also states that budgetary funds received from confiscation will be transferred to this fund.

According to the Code of Administrative Offences, violation of international sanctions or restrictive measures imposed by Lithuanian law is punishable by a fine of EUR 200 to EUR 6,000.

"Such a step would demonstrate Lithuania's firm commitment to supporting Ukraine, which is suffering from Russian aggression, and would contribute to the efforts of the international community to ensure the fundamental principle that the aggressor must compensate for the damage it has caused," the project's cover letter says.

According to the Foreign Ministry, the damage caused by Russia to Ukraine is estimated at €700 billion.

The European Union has imposed sanctions on 1,473 Russian and Belarusian citizens and 207 legal entities.

These sanctions and measures have resulted in the freezing of assets worth €215 billion in EU member states, as well as the immobilisation of assets of the Central Bank of Russia worth about €300 billion in the EU and the G7 countries.

As reported by The Gaze, Poland will provide insurance coverage for investors involved in the reconstruction of Ukraine. Polish President Andrzej Duda has signed an amendment to the law that allows the state insurance corporation KUKE to offer more effective assistance to private businesses interested in contributing to Ukraine's reconstruction.

According to Yulia Svyrydenko, Minister of Economy of Ukraine, this is the first comprehensive insurance instrument to support investments and activities of Polish companies in Ukraine. "We hope that this significant step by Poland will encourage the insurance market and other countries to provide guarantees to companies operating in Ukraine. As a result, this will help attract more investment and introduce new players to the Ukrainian private sector," she said.

Earlier, The Gaze reported that Lithuania would not allow cars with Russian licence plates to enter its territory, except for those in transit to Kaliningrad. This decision is related to the European Commission's clarification of anti-Russian sanctions, which prohibit the import of goods from Russia to the EU.