Analytics, Baltic Export, Baltic States – CIS, Economics, Lithuania, Markets and Companies, Transport

"In the worst-case scenario which I do not think will happen, if all our exports and logistics, including storage and transportation were completely closed from the Russian side, then it could cost up to 4% of GDP," the PM said on the radio Ziniu Radijas on Thursday morning.

The prime minister said that this estimation was provided by the Government's Economic Analysis Department.

"From the very first day when Russia decided to bar the imports of dairy products all businessmen were warned that Russia is a high-risk market and they should look for others.

This is what the businesses are doing now, yet, one must understand that currently the Russian market is basically closed for all 28 EU member-states and the competition among 28 member-states has grown a lot lately, while the economic and financial influence on Lithuania is the biggest. Even the European Commission admitted that because if we calculate the share of exports to Russia per 1,000 or 100,000 residents it will be the biggest in Lithuania among all member-states," Butkevicius said.

The prime minister said that at this time Lithuania will not try to send to Moscow its officers, so they tried to solve the problems there. The Foreign Ministry is trying to establish contact with the head of the Customs Department.

We also discussed the ways how to use and absorb better the funds of European aid provided for in the new EU budget. Yesterday the separate meetings with the Ministers of Energy, Finance, Transport were held, said the prime minister.

Butkevicius also mentioned the finding new markets including the visit to the Economic Forum in Belarus and expressed hope for the speedy adoption of a positive decision of the US food exports, and informed about the planned meeting in Serbia with his Chinese counterpart.