Politis

Cyprus ECOFIN Presidency Begins Amidst US Tariff Concerns

Published January 20, 2026, 10:28
Cyprus ECOFIN Presidency Begins Amidst US Tariff Concerns

Minister of Finance Makis Keravnos presided over the first Council of Ministers of Finance (ECOFIN) under the Cypriot Presidency. The meeting presented Cyprus' priorities, with a focus on Russian aggression against Ukraine, given its own experience with military invasion and occupation. Issues such as the Alert Mechanism for 2026, RRF modifications, and economic governance were also discussed. Regarding the EU's countermeasures package against the US due to tariffs, the Minister stated that guidance is expected from the emergency European Council summit on Thursday to determine the appropriate basis and direction for further discussions and measures. Mr. Keravnos emphasized the importance of EU unity and adherence to international law and state sovereignty.