#AceWorldNews Possible European Union sanctions against Russia will have an adverse effect on the Latvian economy, Latvian Minister of Economic Affairs Vyacheslav Dombrovsky told national television on Thursday.
“Three sectors will suffer a noticeable impact. Agriculture and foods will be first,” said the minister. “Russia is our second-largest partner by exports. Foods and produce account for 43% of Latvian exports to Russia.”
Energy was also vulnerable as Latvia depended entirely on Russian gas supplies, Dombrovsky said, adding that 70% of all transit movement was connected with Russia, Dombrovsky said
“I do not think I am exaggerating in saying that among all EU countries, Latvia has the largest niche of its economy taken by relations with Russia,” said the minister.
“If the sanctions are imposed, we shall be most affected by their consequences among EU countries,” Dombrovsky concluded.