Business relations between the Latvian Chamber of Commerce and two companies based in Russia have been terminated.
Latvian Companies Persist in Exporting to Russia Despite Ministry List
The Ministry of Economics in Latvia has published a list of 128 companies that exported to Russia in June, with eight of these companies not previously on the list that was published in the spring. The Ministry does not assess the reasons for a company's inclusion on the list, nor does it set a specific date for companies to leave the Russian market.
Dace Zīle, Head of the Analytical Service of the Ministry of Economics, stated that the Ministry does not assess ethical norms based on administrative data. The lists of companies are compiled from administrative data and customs declarations of the State Revenue Service to identify companies for which the Latvian Investment and Development Agency can offer assistance to reorient to other new markets.
Some companies have inquired about their inclusion on the list and have provided explanations, which have been published on the Ministry of Economics' website. One company included in the updated list believes it has been included by mistake, while other companies are determined to stop exporting to Russia.
The complexity of leaving the Russian market is a significant factor for some companies. The process can take a long time, and some companies may continue to export due to economic, logistical, and market factors. Notably, Latvia remains a significant importer/exporter of certain Russian products such as iron and steel, with shipments to Latvia increasing by 16.9% year-on-year in early 2025.
Continued demand for Russian raw materials, such as steel and iron products, plays a role, as Latvia’s industries still rely on these imports for domestic production and export competitiveness. Sanctions and export restrictions typically allow some exceptions or lag in enforcement, and companies might navigate legal or logistical means to continue trade, sometimes through third-party intermediaries or re-routed supply chains.
While many international companies have fully suspended operations or exports to Russia, some local businesses in Latvia may still operate under existing contracts or face difficulties disengaging quickly. The organization, the Latvian Chamber of Commerce and Industry, has not revealed which companies would be excluded from its membership list. In the spring, the organization excluded 12 companies from its membership list.
The Ministry of Economics does not offer assistance to companies that are determined to continue exporting to Russia. The organization will again collect information on members early next year to check whether they are still exporting to Russia. One company added in August has already left the LTRK, and two are still in the process of being excluded.
In light of the Ministry of Economics' ongoing list of companies exporting to Russia, some businesses in Latvia, like those in the steel and iron industry, persist in their finance relations due to continued demand for Russian raw materials, which are crucial for domestic production and business competitiveness. Conversely, other companies, realizing the potential ethical implications, are determined to disengage from the Russian market in an attempt to avoid negative industry associations.
