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Here's How Much Russia's Crisis Will Cost Its Neighbors

Baltic nations may take a $780 million-plus hit this year
Russian President Vladimir Putin Visits Belgrade
Photographer: Oliver Bunic/Bloomberg

NATO pilots, busy intercepting a growing number of Russian military patrols, aren't the only ones losing sleep in and around the Baltic Sea. Exporters in Lithuania, Latvia and Estonia — the euro area's newest members — can expect their sales to Russia to fall by around a fifth this year.

The latest official figures show that Russia accounts for 21 percent of Lithuania's exports, 12 percent of Latvia's and 9.8 percent of Estonia's. The value of goods and services headed to Russia, which is currently facing recession and a weaker ruble, will shrink by between 18 percent and 25 percent for the three countries, according to a recent report published by Danske Bank, Denmark's biggest bank. This will cost their economies 690 million euros collectively this year, or approximately $780 million.