2024-04-10 21:26:40
Latvia wanted to tighten control over compliance with European Union (EU) sanctions against Russia. To do this, the powers of the financial intelligence unit (FIU) of the European country will be expanded, Bloomberg reports, Day.Az reports with reference to Lenta.ru.
To strengthen control over the flow of goods to third countries, from where they enter Russia, the agency will be able to freeze assets belonging to persons under sanctions, create pools of data on restrictions and maintain a publicly accessible search system for organizations and people facing EU sanctions.
According to the deputy director of the Pension Fund Paulis Ilenkovs, most cases brought by the customs and tax police for circumventing sanctions are filed against companies registered in the EU that use Latvia as a transit country. Recently, the Latvian authorities have called for a ban on the transit of Russian grain and manganese ore, which can be used in the production of military goods. Stopping exports would cost the economy about two percentage points of output, which could lead to a recession, Central Bank Governor Martins Kazaks warned.
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