Baltic States – CIS, Investments, Latvia, Legislation, Markets and Companies, Transport

He said that Russia's sanctions are mostly aimed at restricting the European Union companies' opportunities in Russia. Nevertheless, according to Ozols, the value of those products and services unaffected by the sanctions is much larger.

"The value of products and services Latvia exported Russia in 2013 was EUR 1.2 billion, however, Russia's sanctions affect only 7% of this amount. Of course, the actual losses are much larger, as, for example, dairy products are sold through Lithuania, which directly affects the transport and logistics companies," Ozols said without mentioning the approximate proportion of these companies' export to Russia.

Investment and Development Agency of Latvia plans to sign a EUR 4 million agreement with Latvia's largest associations in order to acquire new export markets.

Ozols said that the EUR 4 million funding will be allotted to those companies that suffered from Russia's sanctions the most. The funding will be used to carry out market research and hire foreign agent services.