US Envoy Lauds Latvia’s Bank Cleanup as Treasury Lifts Sanction

The US ambassador to Latvia lauded the Baltic nation’s efforts to clean up its financial sector in the six years since a banking fallout, saying a US decision to withdraw a sanctions measure this year will help investment.

The US Treasury withdrew the proposed blacklisting of now-defunct ABLV Bank, which triggered a financial storm in 2018 that engulfed the Baltic nation’s banking system. The government’s measures since then to expel illicit financing and shore up lenders have paid off, US Ambassador Christopher Robinson said.

“Rarely do you get such a sustained institutional reform and change so rapidly, so comprehensively ...