Latvia wants to use frozen Russian assets to help Ukraine

Germany and other G7 members are finding ways to help Ukraine with loans financed by Russia's frozen assets. The German Finance Ministry announced the initiative on Tuesday. Latvia – a country where Russian funds were once deposited – is now a strong supporter of this plan. Jurmala, near the Latvian capital Riga, was once one of the main vacation spots for high-income Soviet citizens until 1991 when the Soviet Union collapsed. Subsequently, as an EU member state, Latvia offered so-called “golden” visas and residence permits to those who opened a bank account and invested in real estate. The country became a major entry point to the EU for wealthy Russians, Sanita Jemberga of the Baltic Center for Investigative Journalism told VOA. “People in the Soviet Union used to come here; it was like a nostalgia, the window to Europe. And then when we started selling properties and banks. Here is a street where you would meet every possible Russian oligarch who had property here,” she says. As an investigative journalist, Ms. Jemberga follows Russian money in Latvia. She says that over the past two decades, the Russians have created a safe haven on the coast of Jurmala. “Let's call it …

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Latvia wants to use frozen Russian assets to help Ukraine

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