Latvia lost in 2015 more than 200 million euros due to the Russian Federation predamage

Latvia lost in 2015 more than 200 million euros due to the Russian Federation predamage


If the losses in Latvia associated with the decline of the Russian economy, their total size exceeds 200 million euros, said the Ministry of foreign Affairs of Latvia report on progress and planned work.

RIGA, Dec 11 –. Losses of the Latvian economy due to Russia imposed an embargo in 2015 amounted to 0.25% of gross domestic product (GDP) or 60 million Euro, given the loss of Latvia, associated with the decline of the Russian economy, the total damage exceeds 200 million Euro, informs the Internet-portal Delfi on Friday.

The calculations are shown in prepared by the Ministry of foreign Affairs of Latvia report on completed and planned work in the areas of foreign policy and policy of the European Union.

“Because Russia imposed an embargo losses of the Latvian economy in 2015 was 0.25% of the gross domestic product (GDP) or 60 million euros. If the losses in Latvia associated with the decline of the Russian economy, their total size exceeds 200 million euros,” the document says.

The economic downturn in Russia led to a decline in GDP of Latvia by 0.6% (EUR 146 million). Exports to Russia fell by more than 20%, but in General the Latvian exports compared to the previous year increased.

In 2014, the EU and the US imposed anti-Russian sanctions from the annexation of Crimea to Russia and the conflict in Eastern Ukraine. In response to these actions Russia announced the food embargo — prohibition of imports of “certain types” of agricultural products, raw materials and food, country origin which is the state, impose economic sanctions against Russian legal entities and individuals in 2014.