Expert calls to increase share of innovative products in Russian economy from 12% to 30%Business & Economy October 24, 16:58
Moscow says West is using mediasphere to stage aggressive anti-Russian campaignsRussian Politics & Diplomacy October 24, 16:50
Novak: Freezing or reducing oil production allows avoiding oil market shortageBusiness & Economy October 24, 16:22
Russian Helicopters to build pilot training center in Peru by end of 2017Military & Defense October 24, 15:57
Russian expert suggests Kiev needs to begin direct talks with DonbassWorld October 24, 15:43
Ankara confirms permits for South Stream will be valid for Turkish Stream as wellBusiness & Economy October 24, 15:40
Russia’s antimonopoly service initiates iPhone7 price audit — regulatorBusiness & Economy October 24, 15:03
Sharapova will be back in WTA rankings after 3 tournaments next year — officialSport October 24, 14:58
Ukraine's self-proclaimed republics against deploying armed OSCE mission to DonbassWorld October 24, 14:39
RIGA, January 27. /TASS/. The European Union sanctions against Russia are a serious hit to the economy of Latvia, Latvia’s Minister of Economics Dana Reizniece-Ozola told TASS Wednesday.
"In several months, our exports to Russia fell by about 25%. This is a sharp decline," the Minister said.
According to Reizniece-Ozola, losing the Russian market Latvian businessmen were forced to look for ways to diversify the business.
"I am glad that our companies are much better prepared for such type of crisis as sanctions, managed to refocus their activity on other, perhaps exotic markets that previously they did not consider due to lack of motivation. In general last year the volume of our exports increased by 3%," she said.
The European Union introduced sanctions against Russia in 2014 in connection with the events in Ukraine and has repeatedly expanded and extended them. In return, Russia banned imports of fruits, vegetables, dairy and meat products. Latvia’s Ministry of Economics earlier said that EU sanctions against Russia and the Russian response measures damaged the economy of Latvia for €70 million, or 0.25% of the GDP.