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Home - Veshnyakov: Trade Turnover between Latvia and Russia Has Grown by about 20% Last Year
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Veshnyakov: Trade Turnover between Latvia and Russia Has Grown by about 20% Last Year

Despite the sanctions, the trade turnover between Latvia and Russia has grown by about 20% last year, said a Russian ambassador in Latvia Alexander Veshnyakov in an interview to the business information portal Baltic Business Service of the BNS Agency.

On the question what kind of impact on trade between Latvia and Russia had the sanctions entered by the European Union and Russia, Veshnyakov answered that they “gave rise to a certain tension in the mind, in the mood of the relevant long-term plans. Moreover, the sanctions imposed by the EU exacerbated our economic situation and in addition with fairly sharp drop in oil prices, we had the fall of the rouble. The embargo, imposed by Russia in response to the sanctions on food products for the EU countries and for those ones who apply to us these sanctions, affected your market as well, especially the dairy industry. The losses are obvious within this field”.

But despite the sanctions, the trade turnover between the two countries has not decreased, said the ambassador: At the same time, thanks to the strong foundation that had been in our economic relations, the trade turnover of the expiring 2014 has not declined. It even has a gain of about 20% in the whole year. We expect that the trade turnover may exceed 13 billion dollars this year in accordance to the Russian customs. It was 11.2 billion dollars in 2013.

You know about the amount of work of your railroad, about the turnover of your ports. Inertia of positive interaction has not been while preserved, but the anxious expectations are there because of sanctions, unfriendly politics and rhetoric. You know about the decision of Transneft to redirect some of their goods in other Baltic ports in this field. First of all, this is explained by entirely logical actions, Latvia had been aware of for a long time that they will be. We developed our port production capacities in Ust-Luga, Leningrad region and elsewhere. Of course, now by creating them we want to load them with work to get the most out of those funds that we invested in. You know that products and goods go to the places, where is a favourable economic and political situation. The situation here is not very favourable in terms of the politics.

Anticipating further development of relations, Veshnyakov said that they will depend on positive developments in the relations between Latvia and Russia.

"If the positive gleams I talked about in the very beginning will be developed, but I would like them to be developed, I think that the fears of reduction of trade turnover, goods traffic will be minimized. If these gleams go off and without blooming, then perhaps it is impossible to predict the future with optimism, he said.