Latvian economy must leave Russian market - Bank of Latvia president

RIGA - The Latvian economy has to move away from the Russian market, Martins Kazaks, the President of the Bank of Latvia, told TV3 this morning.

He explained that, first of all, this should be done because the ongoing war in Ukraine is also Latvia's war. And Latvia should help Ukraine, not Russia.

Secondly, according to Kazaks, the Russian market will not be secure or growing rapidly in the foreseeable future. Therefore, it is highly desirable for businesses to leave Russia, seeking new or strengthening existing contacts with partners in other countries.

Asked to comment on the possible severance of economic ties with Russia, Kazaks said that it was clear that economically it would be painful, i.e. economic growth might decline, a recession might start, but Latvia can do this.

As reported, a number of entrepreneurs and business organizations have called for an end to all economic cooperation with Russia and also with Belarus.