This Week in Finance — Brussels (#15, 2026)
EU adopts 20th sanctions package against Russia; Commission advances green bond fund; Croatia capital injection approved; draft Parliament reports on corporate tax and 2027 budget.
April 19, 2026 to April 25, 2026
EU adopts 20th sanctions package against Russia; Commission advances green bond fund; Croatia capital injection approved; draft Parliament reports on corporate tax and 2027 budget.
📋 In This Week's Newsletter
• 📅 This Week's Calendar in Brussels
• 🇪🇺 European Commission
• 🤝 EU Council
• ✒️ EP Committee Work
• 📚 What We're Reading This Week
This Week's Calendar in Brussels
- Committee on Budgets (BUDG): On April 27, the European Parliament's Committee on Budgets (BUDG) is scheduled to meet. Agenda includes: * * *; 2026 Budget: Other SectionsRapporteur: Matjaž Nemec (S&D)- European Parliament: C1/2026 - Any other transfer request received; Chair’s announcements.
European Commission
EU Adopts 20th Package of Sanctions Against Russia, With Expanded Financial Measures and Anti-Circumvention Tools
On 22 April 2026, the European Commission welcomed the adoption of the 20th package of sanctions against Russia by EU Member States. The package introduces new measures targeting Russia’s energy sector, including listings of upstream and downstream oil activities, restrictions on shadow fleet entities, and the listing of additional vessels. Financial measures extend transaction bans to twenty more Russian banks and four banks in Kyrgyzstan, Laos, and Azerbaijan that facilitate sanctions circumvention. The sanctions also introduce a sectorial ban on interaction with Russian crypto-asset service providers and ban the use of the rouble-backed stablecoin RUBx and the Digital Rouble. New trade restrictions cover exports such as rubber, tractors, and dual-use goods, and import bans affect metals, chemicals, and minerals. For the first time, the anti-circumvention tool is activated, particularly concerning the Kyrgyz Republic. Additional listings target Russian military-industrial entities and individuals implicated in the abduction of Ukrainian children. The package includes legal protections for EU operators against retaliatory Russian actions and measures against the misuse of intellectual property. The Commission states these sanctions aim to constrain Russia’s ability to finance its war in Ukraine.
EU and Partners Launch Global Green Bond Initiative Fund to Mobilise €20 Billion for Sustainable Infrastructure
On 23 April 2026, the European Union and partner development finance institutions signed the Global Green Bond Initiative (GGBI) Fund. Designed as a public-private investment tool, the fund seeks to mobilise up to €20 billion of private capital for sustainable infrastructure projects in low- and middle-income countries. The GGBI Fund is a pillar of the EU’s Global Gateway strategy and will invest exclusively in bonds issued in primary markets, prioritising first-time issuers. At least 20% of investments will target the least developed countries. The initiative is led by the European Investment Bank, with support from the European Bank for Reconstruction and Development and several national development banks. The European Commission provides credit protection through the EFSD+ Guarantee. Amundi will manage the fund. The fund is complemented by technical assistance and a green coupon subsidy facility to reduce borrowing costs for issuers.
Commission Approves €411 Million Croatian Capital Injection into Development Bank HBOR
On 19 April 2026, the European Commission approved, under EU State aid rules (Article 107(3)(c) TFEU), a €411 million capital injection by Croatia into Hrvatska Banka za Obnovu i Razvitak (HBOR). The measure, funded by the Recovery and Resilience Facility, will expand HBOR’s remit to support SMEs, renewable energy, regional connectivity, and defence industry development. The Commission found the measure proportionate, necessary, and limited to addressing market failures. Croatia committed to measures ensuring HBOR’s activities will not crowd out private financial operators. The approval follows positive assessment of Croatia’s Recovery and Resilience Plan.
Commission Greenlights Poland's Fourth Payment Request for €7.2 Billion Under NextGenerationEU
On 22 April 2026, the Commission assessed Poland’s fourth payment request under the Recovery and Resilience Facility (RRF), amounting to €7.2 billion, as satisfactory. The assessment found that Poland completed 30 milestones and 13 targets, covering investments in hydrogen, zero-emission buses, broadband, healthcare, and labour law enforcement. The request brings Poland’s total RRF disbursement to €34.15 billion, or 62.4% of its allocation. The Economic and Financial Committee will provide its opinion before the Commission makes the payment.
EU Council
EU Leaders Discuss Geopolitical Environment and Next Multiannual Financial Framework in Cyprus
On 23 April 2026, EU heads of state or government met in Cyprus to address Europe’s geopolitical response and the forthcoming multiannual financial framework.
EP Committee Work
ECON Committee Draft Report: The EU’s Approach to Corporate Tax Policy in a Changing International Environment
On 22 April 2026, the Committee on Economic and Monetary Affairs (ECON) published a draft report, rapporteur Kinga Kollár, on the EU’s approach to corporate tax policy (2025/2210(INI)). The report reviews the implementation of OECD/G20 Pillar Two rules, the impact of the US NCTI regime, and the Commission’s BEFIT proposal (COM(2023)0532). It notes concerns about the side-by-side (SbS) approach, competitive imbalances for EU multinationals, and increased compliance complexity. The draft calls for prioritising simplification, reviewing anti-avoidance measures, assessing the BEFIT proposal’s compatibility with global rules, and enhancing international coordination.
ECON Committee Opinion on the Draft General Budget of the EU for Financial Year 2027
On 20 April 2026, the Committee on Economic and Monetary Affairs (ECON) delivered its draft opinion for the Committee on Budgets on the EU draft general budget for 2027. The opinion, rapporteur Georgios Aftias, calls for strengthening macroeconomic stability, advancing the Savings and Investments Union, supporting the Energy Union, simplifying administrative burdens, and safeguarding financial stability. It underlines the need to align with European Semester recommendations and accelerate structural reforms, including in defence and critical infrastructure.
CONT Committee Opinion on the European Competitiveness Fund Regulation Proposal
On 24 April 2026, the Committee on Budgetary Control (CONT), rapporteur Ondřej Knotek, adopted its opinion on the proposal for a regulation establishing the European Competitiveness Fund (ECF; 2025/0555(COD)). The opinion addresses transparency, sound financial management, and safeguards against double funding, while reinforcing audit and regulatory controls. Amendments seek to ensure that financial instruments and blending operations comply with oversight by OLAF, ECA, and EPPO, and that simplified procedures do not undermine budget protection. The report also calls for adequate geographical balance and traceability of ECF support.
What We're Reading This Week
- DLT and tokenisation: paving the way for an ‘internet of value’: Distributed ledger technology and tokenisation are enabling seamless digital asset transfers, transforming how value is exchanged globally.
- Who will pay the rising costs of disaster insurance?: Homeowners, insurers, and governments face mounting financial pressure as disaster insurance premiums surge amid climate change impacts.
- FISMA - Commission seeks views on market risk prudential requirements for EU banks: The European Commission launches a consultation to gather feedback on strengthening market risk rules for EU banks.
