Five individuals directly subject to EU sanctions have been identified in Latvian financial institutions

RIGA - In connection with the sanctions imposed by the European Union (EU) on Russia and Belarus, five individuals directly subject to sanctions have been identified in Latvian financial institutions, the Financial and Capital Market Commission (FCMC) told LETA.

The FCMC also informed that Latvian financial market participants have also identified 33 legal entities that are not directly included in the lists of sanctions, but the ownership or control of the persons subject to sanctions has been established within these legal entities, thus their funds and securities have been frozen.

In total, in connection with the sanctions imposed by the EU against Russia and Belarus, approximately EUR 56 million have been frozen in Latvian financial institutions by the end of April.

"The amount of frozen funds has increased slightly over the last week. It is also affected by tax payments and salary costs, which, after an appropriate assessment in accordance with the FCMC's general approval, are allowed," the FCMC noted.

At the same time, the FCMC pointed out that financial institutions had provided data in accordance with the assessment made up to that date, but work continues. "The amount of frozen funds may change in the future due to ongoing investigations, high-risk customer account transactions have been suspended and new sanctions are being imposed," the commission said.