12 June 2026 12:43 UTC · European Commission · EU Commission Press Release · Source · Email X Link

European Commission reports ECOFIN outcomes on CBAM and Ukraine

Key points

General approach reached on strengthened CBAM
Progress on Ukraine financing; 21st sanctions package proposed

TL;DR

ECOFIN reached a general approach on the Commission's proposal to strengthen the Carbon Border Adjustment Mechanism (CBAM).
The Commission reports progress on Ukraine support: a Memorandum of Understanding and Loan Agreement entered into force, enabling first disbursements this month.
The Commission prepared a 21st sanctions package addressing finance, energy and trade and proposed a comprehensive sectorial visa ban for ex-combatants and proxy groups.
The Commission will propose opening an excessive deficit procedure for Bulgaria and noted Council decisions on Malta and Spain; Recovery and Resilience disbursements reached €426 billion (74% of envelope).

Original text

European Commission - Statement Remarks by Commissioner Dombrovskis at the ECOFIN press conference Luxembourg, 12 June 2026 Thank you, Minister. Good afternoon, everyone. First of all, I would like to thank the Cypriot Presidency and you personally, Makis, for all the work during this half a year and for moving many important files forward. Let me start with some positive news on CBAM. I welcome that today's meeting has reached a general approach on the European Commission's proposal to strengthen the carbon border adjustment mechanism. This will help close loopholes and strengthen CBAM's efficiency, ensuring European industry competes on a level playing field with international competitors. Next on Ukraine. I provided an update on our efforts to support Ukraine and exert maximum pressure on the Russian aggressor. On financing, there has been meaningful progress. Both the Memorandum of Understanding – covering the Macro-Financial Assistance and the Loan Agreement entered into force last week. This clears the path for the Commission to proceed with first disbursements this month. On sanctions, the Commission has prepared the 21st sanctions package earlier this week. We propose this in a context where Russia's war of aggression is being increasingly felt in the EU's eastern Member States. Recent weeks have seen hybrid attacks, disinformation campaigns and drone incursions. Once again, the package targets areas where sanctions hit hardest, like finance, energy, and trade. It also proposed a comprehensive sectorial visa ban for ex-combatants of the Russian armed forces and proxy groups. We now need swift adoption. I also presented the meeting with the main elements of the recent 2026 European Semester Spring Package. The package focuses on advancing Europe's competitiveness agenda and maintaining fiscal sustainability. We proposed a comprehensive set of country-specific recommendations to this end. I look forward to the Council's approval of the recommendations in July and strong implementation in the months ahead. There is no time to lose. The Commission also assessed the compliance of several Member States with the Treaty's deficit criterion and found that Bulgaria was not compliant. Following the opinion of the Economic and Financial Committee, the Commission will now propose to open an excessive deficit procedure for Bulgaria. At the same time, I welcome the Council's decision to abrogate the excessive deficit procedure for Malta, and the Council's endorsement of Spain's activation of the national escape clause for defence. Moving to the Recovery and Resilience Facility. Since our last meeting in May, the Commission has disbursed €18.6 billion to six Member States. This brings the total disbursements to €426 billion, or 74% of the overall envelope. We are now well and truly on the home straight. I therefore welcome today's endorsement of amendments to streamline the recovery and resilience plans of five Member States: Slovakia, Spain, Poland, Portugal and Belgium. There are less than three months left until the 31 August deadline to implement all milestones and targets. Finally, we held a constructive policy debate on the market integration and supervision package. The package a key component of the Savings and Investments Union. We must act to remove barriers and unlock the full potential of the EU single market for financial services. That is the only way we can channel investments to where they are urgently needed. Thank you. STATEMENT/26/1355 Press contacts: Balazs UJVARI (+32 2 29 54578) Francisca MARÇAL SANTOS (+32 2 29 97236) General public inquiries: Europe Direct by phone 00 800 67 89 10 11 or by email

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