“Sanctions against Russia are working: they have a negative impact on Russia’s economy and its source of income, which 'feeds' its military capabilities and war machinery in the war of aggression against Ukraine," said Braže.
Oil and gas exports are one of Russia’s main sources of income. Its 'shadow fleet' of tankers and other ships using false documentation and flags of convenience to circumvent EU and U.S. sanctions plays a major role in providing Russia with trade opportunities.
It also poses significant environmental risks, operating outside international rules and frequently ignores adequate insurance and technical standards.
In the context of sanctions circumvention, the role of the financial sector is also brought to the fore, and additional restrictive measures need to be considered in that direction too, Baiba Braže and David O'Sullivan stressed after their meeting, according to a Foreign Ministry release.
The officials underlined that Russia, faced with the negative impact of sanctions, is looking for more and more new ways to circumvent sanctions and is propagating a narrative that sanctions are not working.
“Stronger sanctions, including against countries that support Russia in its war of aggression against Ukraine, are also a powerful weapon in degrading Russia’s capabilities. We must every effort to weaken Russia’s economy that allows it to finance its war machinery. We are still doing too little right now. By the end of the year, we are planning to advance the next round of EU sanctions against Russia,” Baiba Braže said.
As regards the circumvention of sanctions on land, Baiba Braže stated that 80% of all export declarations passing through Latvia originate in other EU Member States.
Special Envoy O’Sullivan commended the Latvian customs service for its work at the EU’s external border.
David O’Sullivan has arrived in Latvia on a working visit to exchange views with the Foreign Ministry experts on current situation in the field of sanctions and to participate in the Rīga Conference 2024.
