“Currently, in line with the contractual requirements, talks are being held with the Vilnius City Municipal Administration and the Ministry of Education, Science and Sport on indexing construction prices, which are essential for the further implementation of the project. For this reason, in order to ensure efficient use of funds, the scope of construction works on the national multifunctional complex site has been reduced to the minimum,” Lukas Kavaliauskas, a representative of the company managed by BaltCap investment firm, told ELTA in a comment.

“The work will resume once the necessary agreements have been reached. We remain committed to the continuation and completion of this project as laid down in the contract,” he noted.

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Vilnius City said that bank financing is already needed for the construction works at the current stage of the project. Indexation of construction prices, which have risen due to the war in Ukraine, is crucial to secure bank financing.

“Vilnius City Municipality has initiated a dialogue between the contracting parties and the responsible controlling authorities and is actively addressing this issue. Once an agreement is reached on the scope of indexation, the issue will be presented to the members of the Vilnius City Council,” Gabrielius Grubinskas, officer at the municipality’s communication department, told ELTA.

The BNS news agency was the first to report on Wednesday that the construction of the national stadium had been stopped.

The multifunctional complex project in Šeškinė neighbourhood in Vilnius was granted a building permit at the end of May this year. The complex of buildings, including the national stadium, is scheduled to be completed in 2025.