Baltic States – CIS, Financial Services, Latvia, Tourism

The number of holiday reservations made by Russians at several travel agencies reaches only 20% of last year's figure. Several others, that profited only on this market, have ceased operation.

Forecasts indicate that the number of Russian tourists in Christmas and New Year could be 30-50% lower than in 2013, as President, Association of Latvian Travel Agents and Operators, Kitija Gitendorfa, told LETA.

She indicates that due to the shaky rouble, the number of holiday reservations made by Russians have significantly decreased, however, travel agencies still hope that the situation will improve by Christmas and New Year. She explained that a lot of tourists choose to delay their reservations, waiting for a more favorable situation.

Gitendorfa revealed that due to the decline in Russian tourists, several smaller companies had to cease their operation.

She stressed that the Russian market is highly important to the tourism industry, as Christmas and New Year usually attracts droves of Russian tourists to Latvia.

"Latvia Tours" Director Ieva Keisa, on the other hand, told LETA that the number of Russian tourists began to decline already in 2013 due to inflation. The Ukrainian developments have worsened the situation even more.