RIGA - Assets frozen in Latvian banks in connection with the sanctions imposed on Russia for the war in Ukraine have reached an estimated EUR 80 million, Santa Purgaile, head of the Financial and Capital Market Commission (FCMC), said in an interview with TV3 channel Wednesday.
The financial sector has frozen an estimated EUR 80 million and the figure has not changed much in recent months, Purgaile said.
Latvian banks have identified six natural person directly subject to sanctions, as well as 35 legal entities that are not directly included in the sanctions lists, but property rights or control of the sanctioned persons have been identified, consequently, the funds of those entities have been frozen.
The FCMC head said that the above figures are not expected to change significantly unless the sanctions are broadened.
Purgaile noted that the banks are actively analyzing data to make sure the sanctions are not being circumvented by involving intermediary countries and using payment chains.
"We are seeing an increased cash flow to countries like Kazakhstan, Uzbekistan, Turkey. We are therefore closely analyzing data, demanding explanations and making conclusions," Purgaile said.
"I think we can be pretty sure that if someone tries to circumvent these sanctions, we will find them sooner or later," the FCMC chairperson said.
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