Sanctions are not a formality, but a tool to stop war - Braze

RIGA - Sanctions are not a formality, but a tool to stop war, said Foreign Minister Baiba Braze (New Unity), who on Thursday took part in a conference organized by the Financial Intelligence Unit (FID) called "Guarding the border: sanctions, export controls and corporate responsibility".

She noted that sanctions are also a foreign policy issue. Braze stressed that Latvia's foreign and security policy follows three main principles: to strengthen the country by investing in defense and security, to make the European Union (EU) and NATO stronger, and to weaken Russia's ability to continue the war in Ukraine.

The Foreign Minister pointed out that sanctions must be effectively applied and continuously adapted to changing circumstances. The EU is working with governments in Europe and other regions of the world to accomplish this.

Braze also stressed that currently in Russia no political means are aimed at peace and the instruments of power are used to maintain war. She concluded that EU Member States should be prepared to continue sanctions in the long term, constantly improving and adapting them in order for them to remain effective.

The Foreign Minister pointed out that sanctions affect the Russian economy and specific individuals and companies, but that this is not enough - additional steps are needed. At the same time, Russia is continuing its extensive campaign of disinformation and public pressure to create the impression that sanctions are not working, when in reality their impact is evidenced by the downturn in the Russian economy, the Minister stressed.

In total, EU sanctions have been imposed on more than 2,600 individuals and 560 shadow fleet vessels, Braze noted. She added that work was continuing on sanctions compliance in third countries, including China, India and Central Asian countries, so that they understand the importance of sanctions against Russia.

The Foreign Minister underlined that Latvia is located on the external border of the EU and NATO, which requires a serious attitude towards the circumvention of sanctions. In her view, Belarus should also be subject to the same sanctions as Russia, as Belarus supports Russia's hostilities in Ukraine.

Braze mentioned that Latvia, elected as a non-permanent member of the UN Security Council, intends to raise the issue of maritime security, where the shadow fleet poses a significant threat. It will also focus on cryptocurrencies and other instruments used to circumvent sanctions.

As reported, the FID conference in Riga brings together participants from more than 20 countries in the search for effective solutions to sanctions and forging a broader dialogue on common action between public administrations, international partners and the business community.