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Sanctions against Russia could cost hundreds of millions to Latvia, PM says

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Prime Minister of Latvia Laimdota Straujuma

Possible European Union sanctions against Russia, in worst-case scenario, could cost several hundred million euros to Latvian economy, Prime Minister Laimdota Straujuma has noted.

EU foreign ministers from the 28 member states are meeting on March 17 in Brussels to consider a visa ban and an asset freeze against a number of Russian officials, BBC reports.

Latvian government is modelling the possible impact of such sanctions and at a closed-door sitting on March 18 ministers will share estimates on the costs and damages sanctions could bring to the Latvian economy.

In an interview with channel TV3 programme «Nekā personīga» Straujuma explained that such costs could occur over several years.

Straujuma also implied that the government has been careful in spending emergency funds from the state budget and these funds could not be used to temper the effect of possible sanctions.

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