{"id":81211,"date":"2021-09-20T10:21:26","date_gmt":"2021-09-20T10:21:26","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/latvias-timber-industry-concerned-trade-belarus\/"},"modified":"2025-09-19T08:56:05","modified_gmt":"2025-09-19T08:56:05","slug":"latvias-timber-industry-concerned-trade-belarus","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/latvias-timber-industry-concerned-trade-belarus\/","title":{"rendered":"Latvia’s timber industry concerned about trade with Belarus"},"content":{"rendered":"
\n

Latvian timber industry has recently raised alarm that the Latvian banks are being overly cautious regarding business with Belarus and slowing down transactions.<\/em><\/p>\n

Belarus is an important supplier of materials for Latvian timber industry. Kristaps Klauss, executive director of the Latvian Forest Industry Federation, said that, for example, last year 600 thousand cubic metres of lumber were imported from Belarus. This year, volumes have climbed rapidly and nearly half a million cubic metres were imported in the first half of the year.<\/p>\n

\u201cWe basically use them in further processing, because from Belarus we buy rather low-processing-level lumber, even undried ones. And in Latvia we are drying them, filing, profiling, waterproofing, and exporting them further,\u201d he explained.<\/p>\n

The formally imposed European Union sanctions against Belarus also cause inconvenience to merchants, but not as much as the Latvian banks, which deal with Belarusian merchants cautiously.<\/p>\n

\"And then the solution that many companies find, given that this is not the first time that Latvia's financial system has a much smaller risk appetite than other countries, is to open accounts in other countries, such as Poland. And then Poland is allowed to carry out these deals with Belarus. [..] We do not claim in any way that the sanctions against Belarus are inadequate. But it is not adequate that they are significantly expanded or reinforced by local banks.\"<\/p>\n

The Latvian Investment and Development Agency has also observed that trade volumes with Belarus are declining. Deputy Director of the Agency Iveta Strupk\u0101ja said: \u201cWe also see this in the statistics that economic cooperation is slightly declining, and it is also difficult to carry out bank transactions. Although there are no formal restrictions on transactions with Belarusian banks. The Latvian banks, which in themselves are not prohibited from providing transactions with Belarus, are cautious, and this is the limit that we feel,\u201d she said.<\/p>\n

Strupk\u0101ja explained that the banks' strict rules had been encountered last year when the LIAA launched an investment campaign, attracting investment from Belarus.<\/p>\n

However, Finance Latvia Association's councillor Laima Leti\u0146a said the caution was objective.<\/p>\n

She explained that the Belarusian authorities' ties to business are very close, so it is the responsibility of the banks to make sure that the asset does not come into the hands of sanctioned persons.<\/p>\n

The Finance Latvia Association called on entrepreneurs who feel unduly restricted to turn to the regulator to consider each case. In the meantime, the forest industry, which imported materials worth \u20ac177 million from the neighbouring country last year, warned that unjustified rigidity could lead to the fact that Britain, as a major destination of goods, will start importing timber from Belarus directly and without creating added value in Latvia.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Latvian timber industry has recently raised alarm that the Latvian banks are being overly cautious regarding business with Belarus and slowing down transactions. Belarus is an important supplier of materials for Latvian timber industry. Kristaps Klauss, executive director of the … Continue reading →<\/span><\/a><\/p>","protected":false},"author":1,"featured_media":59390,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[4716,4715],"tags":[3457,3248,3569,3264],"class_list":["post-81211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-trends","category-market-analysis","tag-belarus","tag-imports","tag-latvia","tag-timber","topic-forestry","topic-industry-prices","topic-sawmilling","area-europe"],"acf":[],"yoast_head":"\nLatvia's timber industry concerned about trade with Belarus - Timber Industry News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.timberindustrynews.com\/ro\/latvias-timber-industry-concerned-trade-belarus\/\" \/>\n<meta property=\"og:locale\" content=\"ro_RO\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Latvia's timber industry concerned about trade with Belarus - Timber Industry News\" \/>\n<meta property=\"og:description\" content=\"Latvian timber industry has recently raised alarm that the Latvian banks are being overly cautious regarding business with Belarus and slowing down transactions. 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