"We are all concerned about the macroeconomic impact of the war. First of all we are concerned about the violation of the territorial integrity of Ukraine, we swiftly acted politically to the extent possible, while at the same time we are concerned about the macroeconomic consequences; we will have to deal with this situation probably for a longer period, much longer than the conflict may last," Kaag said, arriving for a Eurogroup meeting.
Among other items on the agenda, the Eurogroup ministers will discuss the EU's fiscal policy coordination for 2023 and preparations for the Euro Summit, expected to take place on 24-25 March.
On 24 February, Russia began a special operation to demilitarize and "denazify" Ukraine, responding to calls for help from the Donetsk and Lugansk people's republics in countering the aggression of Ukrainian troops. The Russian Defence Ministry said the special operation is targeting Ukrainian military infrastructure only and the civilian population is not in danger. Moscow has repeatedly stressed that it has no plans to occupy Ukraine.
In response, the United States, the United Kingdom, members of the European Union and several other countries imposed comprehensive sanctions against Russia, including closing airspace to Russian flights and restricting the operations of Russian financial institutions.