Latvia faces an elevated risk of violating sanctions imposed on aggressor states due to its geographical location, according to Paulis Iļjenkovs, Deputy Head of the Financial Intelligence Unit (FIU) in charge of sanctions.
On Tuesday, European Union (EU) member states agreed on the 17th package of sanctions against Russia. The FIU is urging businesses to closely monitor regulatory changes that may affect their operations in both goods and services
“Due to Latvia’s geographic position, the risk of sanctions violations is heightened. To ensure proper compliance, we encourage businesses to consult the FIU in case of uncertainty,” said Iļjenkovs.
The updated sanctions list includes 75 new entities, including from China, the United Arab Emirates, Turkey, and other third countries. It also targets 28 individuals—law enforcement officers, investigators, prosecutors, and judges—who have contributed to human rights violations in Russia, particularly by suppressing freedom of expression and opinion
New criteria have been added to the sanctions regime allowing measures against assets used in destabilizing activities on Russia’s behalf, including ships that damage critical infrastructure. The new rules also allow the prohibition of broadcasting or promoting Russian propaganda channels within the EU.
Further restrictions target the export of goods that support Russia’s military and technological development, its defence and security sector, and the design and production of military systems
The EU has added 189 more vessels to the list of Russia’s so-called “shadow fleet”—ships used to transport Russian oil through risky and clandestine supply routes that help fund its war in Ukraine. In total, sanctions now apply to 342 ships involved in this trade.
Additional measures target companies and insurers that support shadow fleet operations, including firms based in the UAE, Turkey, and Hong Kong. These steps, along with the oil price cap, have significantly impacted Russia’s revenue:
Since the imposition of EU sanctions, Russia’s oil revenues have dropped by 38 billion euros.
In March 2025, Russia’s revenues were 13.7% lower than in March 2023, and 20.3% lower than in March 2022. More detailed information on the new sanctions package is available (in English) in the EU Official Journal. Sanctions lists and related resources can also be found on the FIU’s official website
On the 24th of February 2025, three years passed since Russia’s full-scale invasion of Ukraine. The EU has reiterated its unwavering commitment to supporting Ukraine and maintaining pressure on Russia until a just and lasting peace is achieved.
Since April 2024, the FIU has served as the national authority responsible for sanction enforcement in Latvia.