Minister for Finance Paschal Donohoe has said that he expects Ireland to confirm sanctions against Russia later today.
Mr Donohoe told RTÉ radio’s Morning Ireland that he was “gravely concerned” at the prospect of war taking place in Europe, that an independent sovereign state was being undermined by military action.
The Minister said he recognised the impact the reality of war could have on Ireland and Europe from the point of view of security and on the economy. The EU would confirm sanctions to respond “to this utterly unacceptable action".
Mr Donohoe acknowledged there were consequences for rising costs and the Government had put in place measures worth €1.5 billion to respond to difficulties facing people due to rising energy prices.
“We're already borrowing. We have a very high level of public debt for a country of our scale. It is also worth remembering the growth we have in the economy.”
Economic impact of war
The economy was growing despite the pandemic and there were now 2.5 million people at work, which was more than at the start of the pandemic, he said.
The situation across the EU would be reviewed at the meeting of Finance Ministers on Friday after which there would be a response to the security consequences, the humanitarian consequences and the economic impact of war, added Mr Donohoe.
Meanwhile, The Ambassador of Ukraine to Ireland, Larysa Gerasko, has warned that Russian military action in the eastern states of Donetsk and Luhansk was a “bad sign” for Ukraine and “all of democracy".
Ms Gerasko told Newstalk Breakfast that Ukraine was ready to “defend our country.”
Russia had already occupied part of their country she said when it entered Crimea and their recent actions were “an invasion of our sovereign state".
Ukraine had not deployed troops to Donetsk and Luhansk, she said, as they wanted a diplomatic and peaceful resolution.
When asked about Fine Gael's relationship with former European Commissioner Phil Hogan, Mr Donohoe said that as a Commissioner Phil Hogan had performed “exceptional service on behalf of the EU and Ireland".
The Golfgate event caused great public concern and had a significant impact on the individuals that attended that dinner.”
Mr Donohoe added that he preferred not to comment further as there was a possibility of legal action, but that he wanted to acknowledge the important role Mr Hogan had played in the European Union.
