In 2025, the largest volumes of transfers from Latvia to countries outside the EU were to the United Kingdom, Norway, and Switzerland. Payments to the United Kingdom increased sharply, while the volume of transfers to Russia continued to decline.
Residents and businesses in Latvia transferred money to third countries — that is, outside the European Union — most frequently to the United Kingdom, Norway, and Switzerland last year, according to data from the Bank of Latvia.
The absolute leader was the United Kingdom.
The total volume of transfers there in 2025 reached 5.15 billion euros — almost 890 million euros more than the previous year.
At the same time, the number of payments also increased significantly — from 284,000 to more than 332,000 transactions.
This growth indicates that after Brexit, economic and financial ties between Latvia and the United Kingdom not only remained intact but are also actively developing.
Norway ranks second, with nearly one billion euros transferred from Latvia. Switzerland took third place with a transfer volume of about 910 million euros.
The United States and China also made it into the top five. The volume of transfers to the United States grew by almost 14% over the year, exceeding 804 million euros. Payments to China increased by 12.6% — to approximately 504 million euros. The number of transactions also rose, indicating continued active trade and business with China.
Ukraine took sixth place. Despite the war, the volume of transfers there increased to 483.6 million euros. At the same time, the number of transactions slightly decreased, which may indicate larger individual payments.
The most noticeable decline among the largest destinations was recorded for Russia. Over the year, the volume of transfers decreased by more than 22% — from 450 million to approximately 350 million euros. The number of transactions also fell — from more than 10,000 to 8,706.
The decline in financial flows to Russia has been ongoing for several years against the backdrop of sanctions, restrictions on banking operations, and a general reduction in economic ties.
The top ten largest destinations also included Hong Kong, Turkey, and Singapore. The volume of transfers to Singapore decreased sharply — by almost 20%.
The Bank of Latvia clarifies that the statistics cover payments from clients of Latvian banks and other payment service providers.
Cryptocurrency transfers and operations through banks of other countries are not included in the data.
Statistics show that Latvia's financial flows are increasingly shifting towards global trade and financial centers outside the EU, while Russia's role in these operations continues to diminish.
