Since Russia’s invasion of Ukraine, the number of companies whose owners or ultimate beneficiaries have changed their declared citizenship from Russian or Belarusian has risen sharply. The most common new nationalities are Israeli, Latvian and that of Antigua and Barbuda, according to Latvian Radio. Experts cite two main reasons for the trend: an effort to…
Latvia spent approximately 0.3% of its gross domestic product (GDP) on military support for Ukraine last year, Foreign Minister Baiba Braze told journalists on January 8 following an inter-institutional meeting on the implementation of the Latvia-Ukraine security commitments agreement. She noted that Russia’s ongoing bombardments had severely affected Ukraine’s energy infrastructure. “It has not been…
Regional public transport passenger carriers in Latvia are once again considering organizing a protest over the revision of long-term contract prices, while the Road Transport Administration (ATD) says it is still assessing the legal options for making any changes to contracts. On January 7, the Latvian Passenger Carriers Association (LPCA/LPPA) met with Transport Minister Atis…
The forestry sector will continue to be influenced by geopolitical and economic challenges, while a significant paradigm shift is emerging in the understanding of forest value – from a timber resource to a multifunctional ecosystem, Anita Skudra, Chairwoman of the Management Board of Rigas mezi, has told the news agency LETA. She explained that this…
This year, growth in real estate prices is likely to continue, according to Andris Boze, Member of the Management Board of housing developer and construction company YIT Latvija. He notes that housing prices in Latvia are still around 30-40% lower than in Lithuania or Estonia, and if the economic environment remains stable, a natural convergence…
The Ministry of Finance of Latvia (MoF) is proposing that, from January 2027, the functions of registering, licensing, and supervising non-bank lenders be transferred to the Bank of Latvia, according to information published on the Legal Acts Drafting Portal. The MoF has prepared an informational report on the designation of a single licensing and supervisory…
Food prices in Latvian shops are beginning to follow global trends, Martins Kazaks, President of the Bank of Latvia, has said. He noted that in previous years Latvia had seen a pattern whereby food prices rose domestically when global prices increased, but when global food prices fell, prices in Latvia tended to remain unchanged and…