The Communication is presented in the context of Russia’s unprovoked and unjustified invasion of Ukraine. In solidarity with Ukraine, the EU has approved an unprecedented package of economic sanctions that will have a severe impact on the Russian economy and political elite. The 2022 Winter Economic Forecast was published on 10 February, two weeks before the invasion of Ukraine. This development negatively impacts the growth outlook and tilts the risks further to the downside. It also further underscores the need for strong coordination of economic and fiscal policies, and for fiscal policies to be adapted in reaction to rapidly changing circumstances. The guidance will be adjusted to economic developments as needed.