Exports of goods from Latvia to countries that continue to trade with Russia have increased rapidly, LSM reports. At the same time as exports to Russia have come to a halt due to sanctions, exports to countries of the Eurasian Economic Union have risen sharply. Exports of mechanical and electrical equipment to Russia have fallen…
Many Estonian companies continue doing business with Russia, ERR reports. Altogether 500-600 Estonian businesses still trade goods with Russia. The total value of goods exported from Estonia to Russia has not changed since Russia’s full-scale invasion of Ukraine in 2022, when it amounted to EUR 50-70mn per month. This is partly due to the rise…
Turkish-owned Liepaja Steel has abandoned plans to resume production at its steel plant in the Latvian city of Liepaja, LETA reports. The company will dismantle the plant’s steel melting furnace and move the machinery to Türkiye. Liepaja Steel failed to reach agreement with the Liepaja city council and the Liepaja Special Economic Zone (Liepajas SEZ)…
Latvia’s state-owned energy holding, Latvenergo, posted all-time record revenue and profit in the first half of 2023, LSM reports. The group’s six-month turnover amounted to over EUR 1.1bn, which was up 56% from the same period of 2022. The group’s profit rose by 57% to EUR 222.5mn. Latvenergo attributed the record performance to the spring…
Commercial banks and other credit institutions in Lithuania have paid EUR 56mn in temporary solidarity tax for the second quarter of 2023, according to the Finance Ministry’s preliminary data, BNS reports. Altogether 18 credit institutions made the first quarterly advance payment by the deadline of 31 August 2023. Swedbank paid EUR 25mn, followed by SEB…
The municipal government of Estonia’s second-largest city, Tartu, is considering introducing new time restrictions on the sale of alcoholic beverages, ERR reports. The city council will discuss possible restrictions in October 2023. In spring 2023, the municipality agreed with most nightclubs in the city to close their doors half an hour earlier in summer. However,…
The financial intelligence units (FIU) of the Baltic States have conducted a first joint study of cash flows in the region, BNS reports. The study showed that the risks and vulnerabilities related to the flow of cash have changed in the region in 2019-2022. While there is a significant flow of cash from all three…
Lithuanian commercial banks and other credit institutions are due to pay a total of over EUR 50mn in temporary solidarity tax by 31 August 2023, BNS reports. Banks will have to pay the full tax for 2023 by 15 June 2024. The tax is calculated based on net interest income that exceeds the average income…
Latvia’s national air carrier, airBaltic, will open flights on eleven new routes in May 2024, including seven from Latvia, two from Estonia, and two from Lithuania, BNS reports. The company will open flights from Riga to Alicante, Chisinau, Ljubljana, Pristina, Skopje, Sofia, and Tirana. Also, airBaltic will open flights from Tallinn to Billund in Denmark…
