Latvian PM Kariņš: No country has money to pay price of war

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Latvia will have to live with the price increases seen following the Russian invasion of Ukraine, and no country has the money to offset them, said Prime Minister Krišjānis Kariņš after meeting with president Egils Levits on March 16, Latvian Television reported.

Not only the Baltic States, but the Western world in general has no illusions left about Russia. This means further strengthening the security of the Latvian and eastern flank and the unity of society, as well as shifting the economy.

"The state will have to contribute to this reorientation. Energy independence issues are now on the agenda," said President Levits.

The Prime Minister said that the government would provide a support mechanism for specific population groups: "No country has and will not have the money to pay the price of this war. But we will help and continue to focus on helping those we already do."

"As a reminder, we already support all energy carriers with over 1% of our gross domestic product of EUR 450 million, so both electricity and heating. But when this aid is over, we will instead develop further aid which would be more targeted than what has been so far [..]."

According to the Prime Minister's forecasts, there will be no hope for the recovery of the Russian market in the next 10 years and this should be taken into account by entrepreneurs. On the other hand, residents should use European funds to install pellet boilers and solar panels.

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