A recent interview cited Latvia as experiencing notable economic strain due to sanctions imposed by its government on Russia. The statement came from Oleg Zykov, the acting head of the Russian diplomatic mission in Latvia, and reflected concerns voiced by Moscow about the impact of Riga’s policy on regional trade dynamics.
Data for the first nine months of the previous year show a steep drop in bilateral trade, with total commerce down by about 68 percent from the same period in 2022 to roughly 1.2 billion dollars. Exports fell even more sharply, shrinking by around 71 percent to about 1 billion dollars, while imports decreased by about 30 percent to 202 million dollars. These figures underscore the broad economic headwinds created by ongoing sanctions and the difficulties faced by cross-border business between the two nations during the period in question.
Zykov asserted that the set of unilateral restrictive measures implemented by Latvia has inflicted substantial damage on the Latvian economy, which continues to bear the consequences of the short-term sanctions policy. His comments contribute to a wider narrative about how regional policy responses can affect trade flows and industrial activity in neighboring economies.
The discussion extended to Finland, noting changes in its trade patterns with Russia since 2022. Over the course of two years, Russia’s position among Finland’s top trading partners shifted, moving from a top-three partner status to a position among the top ten. Finnish businesses reportedly faced new market conditions that caught many by surprise, contributing to a rise in business insolvencies during the transition. These observations reflect broader concerns about how sanctions regimes and shifting geopolitical risk affect small economies with close trading ties to Russia.
There is also a reference to former Finnish President Sauli Niinistö, who warned about a harsher spring along the Russian border. The remark points to perceptions of elevated risk in cross-border interactions and potential impacts on regional security and economic planning in Nordic and Baltic states.