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Latvia is trying to figure out the worst possible impact that the sanctions against Russia

March 18, 2014, 22:02 UTC+3 RIGA
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RIGA, March 18, 21:13 /ITAR-TASS/. Latvian government is trying to figure out the worst possible impact that the sanctions the EU is likely to introduce against Russia may have on Latvia’s own economy, Minister of Economics Vjaceslavs Dombrovskis told reporters Tuesday.

“Economic cooperation with Russia has importance for Latvia and this government should understand how the sanctions against Moscow might affect its own economy,” he said. “The government’s task now is to figure out the worst possible scenario.”

He did not clarify, though, which particular scenario the government was considering since the authorities had classified the document.

Russia is one of the most significant trade partners for Latvia, since the Russian companies consume 70% of the transit services offered in Latvia. Hence it would be rather difficult to find a partner to substitute for Moscow.

Also, Russia is important for Latvia as a partner in tour business and the only supplier of natural gas.

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