Analytics, Baltic States – CIS, Estonia, Financial Services, Markets and Companies, Tourism

"The deep fall occurred only yesterday (December 16th). I can refer to the processes through which these effects occur, on the one hand, they are positive and negative on the other hand," said Finance Minister Maris Lauri at the parliament briefing.

According to her, weakening of the Russian rouble can cause certain problems for the tourism and accommodation businesses. "The weakening rouble cuts back on the spending of Russian tourists in Estonia. However, we can hope that the purchases have been made already, and tourists will be arriving here still. Other impacts are likely to remain smaller," said Lauri.

Broader impacts are likely to be small, Lauri said, because Estonian companies are very modest in trading with Russia, especially after the sanctions. Lauri said that mainly transit goods have been exported from Estonia to Russia, that move from west to east. The number of Estonian companies affected by the weakening of the rouble is relatively small, especially after the imposition of sanctions, said Lauri.

On the other hand, Lauri says it can be seen positively that when travelling to Russia, one can make cheaper purchases.