In 2025, the trade volume between Latvia and Russia has surpassed nearly one billion euros for goods exported, imported, and in transit. The majority of exports from Latvia consist of consumer goods, including beverages, alcohol, clothing, footwear, cosmetics, and pharmaceuticals. However, the overall transaction volume has decreased significantly since the full-scale Russian invasion of Ukraine, which has led to a notable reduction in imports, from 1.8 billion euros to less than 100 million euros in the previous year. The export levels have remained relatively consistent, just below the one billion euro mark.

In 2021, approximately one thousand Latvian companies exported goods to Russia, whereas this number dropped to about 200 last year. The Deputy State Secretary of the Ministry of Economics, Jānis Salmiņš, indicated that the ministry has no plans to update the list identifying companies involved in trading with aggressor countries, suggesting a reluctance to disclose this information publicly. Furthermore, the data might not accurately reflect the situation as many logistics firms re-export goods to Russia from other countries, complicating accountability.

The implications of this trade dynamic highlight the economic challenges Latvia faces in navigating its trade relations with Russia amidst ongoing geopolitical tensions and sanctions. While exports remain steady, the sharp decline in imports signifies a deepening rift influenced by international sanctions and the effects of the war in Ukraine on regional trade. The government’s hesitance to address the involvement of companies in trade with Russia reflects a broader concern about the potential backlash from public sentiment and its impact on those businesses.