Latvian banks have frozen about 8 million euros in connection with the sanctions imposed by the EU and the US Office of Foreign Assets Control (OFAC) against Russia, the Financial and Capital Market Commission (FCMC) told BNS..

In Latvian banks, one individual and 15 legal entities were identified who are not directly included in the sanctions lists, but the ownership or control of sanctioned persons over these persons was established, therefore their funds were frozen.

The commission noted that the amount of frozen funds may increase given that the analysis is still ongoing, transactions on some accounts of high-risk clients are suspended during the study, and new sanctions are being introduced..

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According to the FCMC, the Latvian financial sector has long viewed Russia as a high-risk jurisdiction, so Russian deposits in Latvian banks have declined significantly since 2015 and account for only 1.1% of the total..

Earlier it was reported that Britain imposed sanctions against seven Russian oligarchs: Deripaska and Abramovich were on the list.