“We can already see some of the hardly predictable international consequences. Russia’s counter-sanctions, which were introduced in response to US and EU measures, came into effect in the middle of the year. They were introduced for one year but no one could tell today how long they would actually remain in place… However, Lithuania’s economy has already reacted to changes in trade with the East,” Rimantas Šadžius said at an annual press conference on Tuesday.
He mentioned the ability to compete in the euro area as another challenge for the Lithuanian economy. According to the minister, Lithuanian products are cheaper, therefore the country’s businesses have good chances of keeping their positions in Western markets.