Despite some media outlets in Latvia reporting that Moscow’s ban on agricultural and maritime imports from the European Union, Australia, the United States, and other countries in retaliation against Western sanctions for Russia’s 2014 invasion of Crimea has had a “devastating” impact on the Latvian economy data shows otherwise.
Figures show that in 2015, Latvia’s Foreign Ministry stated that losses from the Russian food embargo came to €70 million, or 0.25 percent of the GDP. Latvia’s falling exports to Russia in 2015 were partly attributed to Russia’s severe recession and a substantial decrease in the value of Russia’s national currency.
Latvian economists argue that the impact of the Russian embargo diminished in 2016. Moreover, the Bank of Latvia’s Macroeconomic Developments Report suggests that Latvia’s exports to Russia in 2017 may show a slight increase over 2016 figures. However, the Bank of Latvia encourages Latvian exporters to look for other markets.
Source: stopfake.org