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Latvia hopes EU not to expand sanctions on Russia

March 26, 2014, 18:31 UTC+3 RIGA

"We are faced with the situation of 1970’s-1980’s," Latvian Finance Minister Andris Vilks notes

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Andris Vilks

Andris Vilks

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RIGA, March 26. /ITAR-TASS/. Latvia’s government official has expressed the hope the political crisis in Ukraine will not have a serious impact on the republic’s economy.

The crisis can affect such spheres as transit and logistics.

“As it imposes economic sanctions the EU should be aware of their influence upon its members’ economies,” Finance Minister Andris Vilks told Latvian television on Wednesday.

“If Russia blockades our ports, dozens of thousands of people may lose jobs. The EU should react,” he said.

“Economic sanctions can be hardly real. It is difficult to foresee Russia’s response: if it opposes the whole world or confront only some states in several sectors,” Vilks said.

“Once again we are faced with the situation of 1970’s-1980’s.Those who lived during the Cold War times remember it well. A rather long period of confrontation between Russia and the West is due. It is rather difficult to assess the eventual impact on the economy at this point,” he said.

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