In view of Russia's aggression against Ukraine and the military attack on Ukraine, the European Union and other countries continue to step up sanctions against Russia and Belarus, which will also affect payments made and received to/from Russia and Belarus.
As part of the financial sanctions imposed, the funds of sanctioned persons from Russia and Belarus, located in Latvian financial institutions, will be frozen, as well as it will not be possible for persons to receive and make payments with sanctioned persons, as well as to make payments for goods and services specified in sanctions, as well as to carry out transactions in financial instruments within the limits set out in sanctions.
In certain cases, the competent authority, now the Financial Intelligence Unit of Latvia as of 1 April 2024, may authorise the release of particular frozen funds or economic resources held by a member of a Latvian legal person, or make them available under conditions deemed appropriate by the competent authority provided that such actions comply with the sanctions regulatory framework.
Release of frozen funds
As of 1 April 2024, the Financial Intelligence Unit of Latvia serves as the competent authority for sanctions-related matters, including the authorisation for releasing frozen funds or economic resources.
For further details, visit fid.gov.lv