Latvia has frozen 8 million euros in Russian assets so far

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In connection with the sanctions imposed on Russia by the European Union (EU) and the United States (OFAC), approximately 8 million euros have been frozen in Latvian banks, according to data compiled by the Financial and Capital Market Commission (FKTK), the Finance Ministry said March 10

This was base don an "initial assessment" and might increase in future given that investigations are still ongoing, the Ministry said.

"The transactions of certain high-risk customer accounts have been suspended for the duration of the investigation and new sanctions are being imposed," it said.

Finance Minister Jānis Reirs (pictured above) commented: “The information gathered by the FKTK allows us to make sure once again that the government reforms in the financial sector in previous years ensure our close coordination with European and international partners in the ability to freeze funds quickly and effectively against supporters of the Putin regime. This is the common contribution of all of us to the people of Ukraine in the fight against the aggressor and his supporters."

Russian deposits in Latvian banks have significantly decreased since a clean-up of the financial sector commenced in 2015 and now amount to only 1.1% of total deposits.

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