Latvia Economic and Defence Update

EXPOSURE TO RUSSIA IS RATHER LIMITED Latvia has steadily reduced its exposure to Russia; economy is well diversified 2.0% 1.5% Banking sector exposures to RU, BY and UA, % of total assets, December 2022 1.0% 0.7% Export of goods and services to RU (% of total) 12% 11.75% 10% 1.5% 8% 6% 0.8% 4% 0.7% 0.5% 0.3% 0.5% 0.1% 0.1% 0.1% 0.0% RU BY UA Total (RU, UA, BY) 20 Source: Latvijas Banka Assets ■Liabilities Assets (considering country risk transfer) 2% 0% Export of goods - domestic origin Export of goods - transit trade Export of services -Total export Source: Central Statistical Bureau of Latvia; Latvijas Banka calculations 4.92%

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