Regarding Latvian assets in Russia, coalition partners point to self-risk and support for switch to Western market

RIGA - Commenting on the safety of some Latvian companies' assets in Russia, coalition partners point to self-risk and state support for a switch to the Western market. 

At the same time, the politicians underline the protection of Latvian entrepreneurs' interests. 

Asked whether the government considers it necessary to act to protect the assets of certain Latvian companies in Russia or whether it sees this as a risk taken by the companies themselves, Prime Minister Evika Silina (New Unity) stressed after today's coalition meeting that "we will always protect the interests of our citizens, including the interests of our companies" by doing the best we can.

At the same time, Silina noted that both the Latvian foreign service and the government have been warning entrepreneurs for some time already that doing business with Russia means high unpredictability - Russian authorities often take decisions that are typical of authoritarian regimes, so they should expect that their property may not be protected in this country.

The prime minister therefore noted that "businesses must realize that it is also their own risk when dealing with Russia, because their business is not protected in this territory".

Economics Minister Viktors Valainis (Greens/Farmers) pointed out that the government regularly calls on business to assess such risks. The Economics Ministry, for its part, offers support instruments for entrepreneurs to help them move from Russian and Belarusian markets to European and other Western markets, Valainis noted.

The economics minister noted that this issue should not be linked to Latvia's plan to take over  the Moscow House in Riga. Latvia in this case is triggering a mechanism to protect democracy without benefiting itself, Valainis said.

Andris Suvajevs, Chairman of the Progressives group in the Saeima, agreed with the coalition partners, saying that for nearly a decade already, any economic relations with Russia are "under a big question mark". 

At the same time, Suvajevs said that Latvia stands up for the interests of its entrepreneurs and that support for Ukraine is a priority.

As reported, Rietumu Banka has called on the Saeima not to rush with the takeover of the Moscow House into state ownership, as the consequences of this law will affect Latvian merchants whose assets are located in Russia.

The bank drew the attention of MEPs to the fact that the adoption of such a law would give the aggressor state grounds to take identical action against Latvian companies, including Rietumu Banka, whose assets have been frozen in Russia in connection with Russian sanctions, in order to nationalize them.

This applies not only to Rietumu Banka and its assets, but also to other Latvian businesses, Buraja said. The amount of assets Latvian businesses and taxpayers would stand to lose is estimated at tens of millions of euros.