Latvian company to be liquidated due to Russia sanctions

The liquidation process has begun at Rebir, a power tool manufacturer in Latvia’s Rēzekne that has been operating for nearly 60 years, with sanctions restricting access to its key markets in Russia and Belarus cited as one of the main reasons for the decision.

The company’s largest shareholder, Nikolai Simorev, said Rebir had sought to find alternative export markets, including through Türkiye and Kazakhstan, but those efforts failed to produce the desired results, Sputnik Latvia reports.

The company also considered expanding into Western markets. However, Simorev said doing so would have required significant working capital, which Rebir did not have.

Despite the difficulties, the company was not operating at a loss and had no outstanding tax liabilities. Rebir recorded turnover of approximately €300,600 last year, while its profit amounted to €80,600.

According to Latvian media reports, Russia and other CIS countries had been among Rebir’s main markets for many years.

By Vugar Khalilov