New list of companies trading with Russia and Belarus likely to be published

"The Ministry of Finance believes that such a practice should be continued, taking into account that the Ministry of Economics (EM) already published relevant information on its website in 2024," said the Finance Ministry.

"In the opinion of the Ministry of Finance, a legally and practically feasible solution would be to establish in an external regulatory act the obligation of the Ministry of Finance to publish the relevant information. In order to ensure the legality of the publication of such information, the Ministry of Finance will provide support to the Ministry of Finance in preparing the necessary information and developing proposals for amendments to regulatory acts. This would allow the Ministry of Finance to publish the relevant information in accordance with the Prime Minister's instructions," said the Ministry.

"In such a case, the Ministry of Economy could receive information regularly transmitted from the State Revenue Service on exports and imports with Russia and Belarus from the Central Statistical Bureau under its supervision and, in accordance with its competence, publish it."

"The Ministry of Finance considers it important to provide for clear and objective criteria in order to avoid unjustified inclusion of companies in public lists and incorrect reflection of economic activity. The criteria should be automatically applicable in order not to create additional administrative burden in the preparation of information and to ensure regular and timely publication of data," said the Finance Ministry.

Publication of such a list is potentially controversial as the companies included on it are not doing anything illegal – it would not be a list of companies breaking international sanctions that have been imposed upon Russia and Belarus, but of companies that continue to trade with them legally in areas that are not under sanctions such as foodstuffs and medicines.

The attempt appears to be to "shame" such companies into ceasing this trade, and making consumers aware of which companies are happy to put profit before principle when trading with the aggressor states.

It is possible that such companies will object that they are being unfairly targeted by the state for carrying on lawful business, or that the information published is misleading – which is what happened with the Economics Ministry's previous publication of a list in 2023 which was then swiftly withdrawn.

It was followed by publication of another list in 2024, as reported at the time.

If and when the new list does appear, it would also create a potential precedent. In the future it is not inconceivable that lists might be published of companies doing business with China, for example, or indeed any country deemed to be beyond the pale.

Before Russia's invasion of Ukraine in 2022, more than 1,000 Latvian companies carried on business with the Russian Federation. By 2024 this figure had fallen to 143 companies, around a third of whom are involved in transport and logistics.