EU asset freeze has little effect in Latvia

After compiling bank and financial institution reports about former Ukrainian and Russian officials included on the European Union's list of persons subject to have their assets frozen, Latvia’s Financial and Capital Market Commission has determined that the total amount of such frozen assets in Latvian banks is several hundred thousand euros, reports LETA.

The EU list includes 51 such persons in total, of which only one was a client of a bank in Latvia.

The commission has concluded that the EU sanctions have had no noteworthy effect on the financial indexes of the Latvian banking sector, or on the total amount of deposits in Latvian banks. The amount of the frozen assets also indicates that Latvia is not a place where politicians from the East like to deposit their money, notes the regulator.