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Cyprus' Finance Minister Awaits EU Leaders' Guidance on Response to US Tariffs

Published January 20, 2026, 11:24
Cyprus' Finance Minister Awaits EU Leaders' Guidance on Response to US Tariffs

The Minister of Finance, Makis Keravnos, presided over the first Council of Ministers of Finance (ECOFIN) today under the Cypriot presidency. The agenda included an update on Russia's aggression against Ukraine, conclusions on the Alert Mechanism for 2026, amendments to the implementation of the RRF, and economic governance. Mr. Keravnos presented Cyprus' priorities for the presidency. Responding to a question about the EU's response package to the US tariffs, the Minister stated that the Council will await guidance from the emergency Summit on Thursday, in order to determine the appropriate reaction. He emphasized the need for unity from the EU side and commitment to international law. Mr. Keravnos highlighted that Cyprus, having itself experienced military invasion and occupation, fully understands the suffering of the Ukrainian people and will support efforts to restore peace and stability in the region. The Minister stressed the importance of stability, predictability, and institutional credibility for the economic development of Cyprus and the EU, especially in small economies. The EU must remain united and defend international law and the sovereignty of states.