Baltic States – CIS, Foodstuff, Legislation, Lithuania, Markets and Companies

The Government has endorsed the action plan for 2014-2015 drafted by the Ministry of Economy to diversify the Lithuanian exports and to reduce the losses of the Lithuanian companies sustained over the sanctions introduced by Russia. The plan includes various measures; however, it does not provide for any direct compensations or temporary tax exemptions.

According to the Ministry, the measures included in the action plan aim at three key objectives: to help companies to look for new markets and business partners, to facilitate access to financing sources, and to enhance the economic representation abroad. However, the measures provided in the plan are slow.

The good news is that the European Commission on Tuesday has informed the Ministry of Agriculture that it will cover the losses of fruit and vegetable producers sustained because they were not able to sell perishable goods due to the Russian sanctions.