Konchalovsky's 'Paradise' gets Best Film, Best Director at Russia's Nika movie awardSociety & Culture March 29, 7:29
US Senate votes overwhelmingly in favor of Montenegro’s accession to NATOWorld March 29, 5:24
Putin’s popularity in Russia ‘unfaltering’ — GallupRussian Politics & Diplomacy March 29, 5:19
Lavrov says he plays football once a week, goes rafting every yearSport March 29, 3:59
UK prime minister signs formal Brexit letter to Brussels — official photoWorld March 29, 1:26
Some 20 Topol-M, Yars mobile ICBM systems take part in massive Central Russian drillsMilitary & Defense March 28, 23:10
Russia clinches last-minute 3-3 draw with Belgium in friendly football match in SochiSport March 28, 21:40
Washington-based National Symphony Orchestra members excited to perform in RussiaSociety & Culture March 28, 21:36
'Gentlefan' continues: 'Angels' greet Belgium football fans ahead of Sochi gameSport March 28, 21:12
RIGA, January 27. /TASS/. The European Union sanctions against Russia are a serious hit to the economy of Latvia, Latvia’s Minister of Economics Dana Reizniece-Ozola told TASS Wednesday.
"In several months, our exports to Russia fell by about 25%. This is a sharp decline," the Minister said.
According to Reizniece-Ozola, losing the Russian market Latvian businessmen were forced to look for ways to diversify the business.
"I am glad that our companies are much better prepared for such type of crisis as sanctions, managed to refocus their activity on other, perhaps exotic markets that previously they did not consider due to lack of motivation. In general last year the volume of our exports increased by 3%," she said.
The European Union introduced sanctions against Russia in 2014 in connection with the events in Ukraine and has repeatedly expanded and extended them. In return, Russia banned imports of fruits, vegetables, dairy and meat products. Latvia’s Ministry of Economics earlier said that EU sanctions against Russia and the Russian response measures damaged the economy of Latvia for €70 million, or 0.25% of the GDP.