Financial Services, Latvia, Port, Transport, USA

International Internet Magazine. Baltic States news & analytics Thursday, 09.07.2020, 18:04

Operations at Freeport of Ventspils continue although its bank accounts are frozen - Linkaits

BC, Riga, 11.12.2019.Print version
Although its bank accounts are frozen, operations at the Freeport of Ventspils continue, Transport Minister Talis Linkaits (New Conservative Party, JKP) told journalists Wednesday, writes LETA.

Asked to comment on the current situation at the Freeport of Ventspils, the minister said that the port's bank accounts are frozen but that operations at the port are continuing - freight is being transported, and ships are arriving and departing. 

However, Linkaits voiced concerns about the possibility to ensure the port's operations until it can resume business as usual. 

"I hope that we will manage to find the right solution, so that all the legal persons operating at the port regain peace of mind," the transport minister said. 

As reported, the Cabinet of Ministers decided at an extraordinary meeting on Wednesday to call on the parliament to urgently adopt the amendments to the Law on Ports, providing that the state takes over the ports of Riga and Ventspils.

A new company will be establish to manage the Riga and Ventspils ports in the future. The board members appointed to the ports by Riga and Ventspils local councils will lose their positions, and in the future the board will be appointed by the government.

As reported, after the US Treasury's decision to impose sanctions on Ventspils mayor Aivars Lembergs (For Latvia and Ventspils) and four legal entities, including Ventspils Freeport Authority, the Latvian state is taking over the ports of Riga and Ventspils, Prime Minister Krisjanis Karins (New Unity) told journalists Tuesday.

The legislative amendments are necessary to separate the entity sanctioned by the US Department of the Treasury from the operations of the Freeport of Ventspils. "The port's takeover by the state completely severs all its connections with the sanctioned person," Karins said.

He indicated that this is being done to lessen the US sanctions' negative impact on the Latvian economy and population.

Meanwhile, Lembergs is stepping down from the Ventspils port's board in order not to interfere with work of the Ventspils Freeport Authority or impair the port's competitiveness in any way, he explained.

    Search site