Thousands of Latvians Face Unemployment Due to Sanctions on Russia
Economic sanctions imposed on Russia over current crisis in Ukraine may trigger a wave of unemployment in Latvia, according to a top official.
Some 20 thousand Latvian residents may lose their jobs, State Secretary of the Latvian Ministry of Welfare Ieva Jaunzeme claimed, Monday.
According to her, Latvian state-run railway concern may face largest problems.
"The enterprise depends highly from co-operation with its eastern neighbor," she said, cited by Itar-Tass.
Employees in Latvian fish-processing industry, in particular the production of canned fish, will also be affected in case of sanctions against Russia and may also face unemployment.
"The majority has already drawn lessons from the 1995 crisis and when choosing business partners does not put all eggs in one basket," Jaunzeme added.
No, Vladimir. Regarding the situation in Russia: inflation is rising, GDP growith has stopped and the reserves of the Russian national bank are being rapidly spent to support the exchange rate of the RUR. The import barriers imposed by the "Rospotrebnadzor" caused the prices for foodstuffs to grow by 20% within a couple of months. Crimea is waiting for the "rain of money" promised by Medvedev. Russian reputation, initially increased by Olympic Games worth USD 50 billions, has dropped dramatically. This is the outcome, so far.