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Latvia adopts financial sanctions against 21 Russian and Crimean officials

March 18, 2014, 16:34 UTC+3 RIGA
Following the publication in the EU’s official journal, the Commission informed Latvian banks and financial institutions about the Council of the EU’s directive
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Latvian national flag (archive)

Latvian national flag (archive)

© AP Photo/Kevin Frayer

RIGA, March 18. /ITAR-TASS/. Latvia has introduced international financial sanctions against 21 Russian and Crimean officials who, it argues, are threatening the territorial integrity, sovereignty and independence of Ukraine, the press office of the Latvian Commission for Financial and Capital Market reported on Tuesday.

Following the publication in the EU’s official journal, the Commission informed Latvian banks and financial institutions about the Council of the EU’s directive coming into force and the need to comply with its requirements. Freezing accounts means a customer’s money is blocked and a customer cannot take any action regarding the assets.

The Commission says it has estimated financial sanctions’ influence on the Latvian banking sector and does not believe they can lead to a situation where Latvian banks will fail to comply with some regulating requirements. Besides, these sanctions would not directly affect the total volume of deposits or the banking sector’s financial performance, said the Commission.

The Foreign Affairs Council of the EU decided on sanctions, including visa bans and the freezing of bank assets, on Monday. The black list comprises 13 Russian and eight Crimean officials. All restrictions will be effective for six months.

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