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Compensation for damage from sanctions necessary — Latvian minister

March 18, 2014, 16:27 UTC+3 RIGA
Latvian ministries are already analyzing the Russian-Ukrainian conflict’s impact on different sectors of the national economy
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Andris Vilks

Andris Vilks

©  EPA/VALDA KALNINA

RIGA, March 18. /ITAR-TASS/. Any sanctions the EU may be introducing against Russia should be accompanied with a decision about compensation to those EU members whose economies will suffer from these measures, said Latvian Minister of Finance Andris Vilks.

“While adopting general sanctions against Russia, the EU has to agree on compensations for those countries that can be most affected by these sanctions,” Vilks is quoted by the Finance Ministry’s press office as saying. Vilks urged EU foreign ministers to consider this issue “thoroughly and responsibly” and “not to leave Baltic entrepreneurs without such an important support”. The funds may be allocated from the EU Solidarity Fund, he added.

Latvian ministries are already analyzing the Russian-Ukrainian conflict’s impact on different sectors of the national economy. The issue will soon be considered at a governmental meeting.

The EU Solidarity Fund was established after a huge 2002 flood in Central Europe to support European regions in the aftermath of calamities and natural disasters. Since then the Fund has helped 23 European countries with a total allocation of more than €3.5 billion.

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