The Financial Intelligence Unit of Latvia (FIU Latvia) invites the public to watch the livestream of its 8th annual international sanctions conference “Sanctions Work: Degrading Russia’s War Machine” online, on 12 November, starting at 10:00 (Riga time). Register here: https://sanctionsconference.fid.gov.lv/en/online-01p The conference will bring together leading sanctions experts and policymakers to discuss the effectiveness of sanctions and the fight against sanctions violations, their role in reducing Russia’s warfighting capabilities, as well as strengthening global security and resilience. This year, the conference will focus on the practical impact of sanctions on Russia’s ability to continue its war. Experts will examine which sanctions measures have delivered concrete and measurable results in practice, with particular attention to experience and best practices in sanctions implementation, enforcement, and tackling sanctions violations. The conference will also feature a presentation of a report by the European Court of Auditors assessing how effectively the European Union implements trade-related sanctions imposed on Russia, with a particular focus on the roles of the European Commission and EU Member States in their enforcement. The conference programme will focus on three key topics: Export restrictions on Common High Priority (CHP) items – effective approaches to preventing these goods from reaching Russia and disrupting supply chains that support its military-industrial capabilities, including efforts to counter diversion through third countries and other sanctions-circumvention techniques. The role of crypto-assets in sanctions circumvention – including the use of crypto-assets to facilitate payments linked to CHP items and other restricted goods. Energy sanctions and other measures aimed at reducing Russia’s revenues – measures that have proven effective in restricting Russia’s energy revenues and capabilities, methods used to circumvent energy-sector sanctions, and the role of the shadow fleet. The conference will bring together distinguished speakers such as Head of the Sanctions Hub of Excellence at Kyiv School of Economics Institute Yuliia Pavytska, Head of EU External Relations Division at French Ministry for Europe and Foreign Affairs Timothée Truelle, Head of Sanctions and Export Controls at Maersk Anu Mathur Boyd, along with other leading experts from the public and private sectors across the EU and the United Kingdom. The conference agenda, together with a link to the live stream, will be sent to registered participants a few days before the event. The conference will be held in English, while the live stream will be available in both English and Latvian. FIU Latvia is an independent authority responsible for preventing money laundering and terrorist financing, implementing sanctions, protecting the Latvian financial system from misuse, and cooperating with international partners.

On Monday, 12 October 2026, the Council of the European Union (EU) decided to significantly expand its sanctions lists targeting Russia, imposing additional restrictive measures on more than 1,600 individuals and legal entities. Sanctions have been imposed on: 826 companies; 743 individuals; 77 individuals involved in organizing illegal “elections”. The sanctions lists have been expanded to include 826 companies operating within Russia’s military-industrial complex and 743 individuals who are CEOs of these companies. The listed companies and individuals are linked to Russia’s military capabilities, including the supply of critical components used in the production of missiles, unmanned aerial vehicles (UAVs) and aircraft. In addition, the EU has imposed sanctions on 77 individuals involved in the illegal Russian-organized State Duma “elections” held in September 2026 in the temporarily occupied territories of Ukraine. These include 74 candidates and three members of the Central Election Commission of the Russian Federation. The listed individuals and entities are subject to an asset freeze, and EU citizens and companies are prohibited from making funds or economic resources available to them, directly or indirectly. The listed individuals are also subject to a travel ban, preventing them from entering or transiting through EU territory. The additions adopted on 12 October constitute the largest single expansion of EU sanctions listings to date in connection with Russia’s war of aggression against Ukraine. Updated Sanctions Lists Published by the Council of the EU List of companies and individuals associated with Russia’s military-industrial complex: https://eur-lex.europa.eu/legal-content/LV/TXT/HTML/?uri=OJ:L_202602281(Latvian language) https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L_202602281 (English language) List of individuals involved in organizing the illegal “elections”: https://eur-lex.europa.eu/legal-content/LV/TXT/HTML/?uri=OJ:L_202602292(Latvian language) https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L_202602292  (English language) Useful Information on Sanctions Implementation Frequently Asked Questions (FAQ) Further information on EU sanctions is available on the EU Sanctions Map. FIU Latvia is an independent authority responsible for preventing money laundering and terrorist and proliferation financing, implementing sanctions, protecting the Latvian financial system from misuse, and cooperating with international partners.

On 10 and 11 September 2026, an international forum on sanctions implementation against Russia, the Kyiv Sanctions Forum, took place in Kyiv, Ukraine, bringing together sanctions policy experts and coordinators from more than 20 countries, including Latvia. At the Forum, Paulis Iļjenkovs, Deputy Head of the Financial Intelligence Unit of Latvia (FIU Latvia), presented Latvia’s approach to strengthening the effectiveness of existing sanctions. Particular attention was paid to the application of the European Union (EU) asset-freezing requirements in cases where a listed person owns or controls a non-listed entity. The discussion also addressed recent rulings of the Court of Justice of the European Union, which further clarifies the application of the control criterion and the required standard of evidence. “Agreeing on a sanctions package at EU level is only the beginning of the work on sanctions implementation. Their real impact depends on rigorous and consistent implementation across the EU. Different interpretations of the same sanctions rules in Member States can lead to materially different outcomes in comparable situations. A common understanding and close cooperation between the authorities involved in sanctions implementation are therefore particularly important,” Iļjenkovs emphasised. The Forum also addressed further measures to strengthen sanctions pressure on Russia, including restrictions in the energy and financial sectors, disruption of supply chains supporting Russia’s military-industrial complex, measures to restrict the flow of foreign components into Russian weapons, and measures targeting maritime transport used by Russia. During the visit, the FIU Latvia representative also met with representatives from Ukraine’s financial intelligence unit to exchange experience and discuss current cooperation matters. During the Forum, multiple air-raid alerts were declared in Kyiv, and part of the discussions continued in a bomb shelter. Even under these circumstances, Ukrainian institutions continue their work and international cooperation in the field of sanctions. EU sanctions against Russia have been introduced in response to Russia’s military aggression against Ukraine. Their objective is to increase pressure on Russia and weaken its economic and military capacity to continue the war by restricting access to financial resources, technologies and markets. EU sanctions are adopted by the Council of the European Union. In Latvia, the Ministry of Foreign Affairs is responsible for sanctions policy. Since 1 April 2024, FIU Latvia has been the competent authority for sanctions implementation. Photo: Vasyl Tomchuk