Economics
U.S. Sanctioning Russian Oligarchs Sparks Exodus of Cash From Latvia
- Regulator says banks were forced to end some relationships
- Foreign money is already fleeing Baltic nation after scandals
Aluminum and Nickel Surge After New Sanctions Hit Russia
This article is for subscribers only.
U.S. sanctions targeting Russian billionaires have sparked a further exodus of cash from Latvia, a Baltic nation whose banking system has already been shaken by a string of money-laundering scandals.
The measures against businessmen, companies and senior officials were taken days after President Donald Trump expelled 60 Russian diplomats for the nerve-agent attack on a former Russian spy in the U.K. The penalties prompted lenders in Latvia to end relationships with the sanctioned people and entities, according to the head of the local regulator.