Analytics, Baltic States – CIS, EU – Baltic States, Latvia, Markets and Companies, Russia

He explained that sanctions against a country have long-term effects, and they may seem insignificant initially.

"It is completely clear that the sanctions will begin to show effects after a longer period of time. It is a long-term instrument, however, in estimating how much it could affect Russia's economy and its international relations, I believe that Russia is incapable of winning an economic war, no matter how painful it will be for all the sides involved," Rinkevics said.

The minister said that Moscow is also estimating losses caused by the sanctions. "I would really like to hope that our colleagues in Moscow will understand that it is time to stop supporting the bandits [..] in eastern Ukraine and give a chance to Ukraine to develop the way it wants, and that this whole situation will definitely not benefit Russia," Rinkevics said.