The war in Ukraine caused by Russia has had a significant impact on the Latvian economy — growth has been halved, prices have increased by a fifth, and the region’s attractiveness to investors has decreased. However, as experts from the Bank of Latvia emphasize, the economy has not entered recession, and macroeconomic indicators are better than expected. Economist Kārlis Vilerts points to two main directions of impact: the rise in energy prices and the decline in the attractiveness of the Baltic region. He also raises the issue of possible circumvention of sanctions, taking into account the increase in exports to countries such as Kazakhstan and Armenia. Professor Dagnija Blumberga expresses disappointment with the passivity of society in the field of energy efficiency — there are still many unheated buildings in Riga, and companies are not thinking enough about the transition to renewable resources. In her opinion, 2022 was a time of untapped opportunities. Although energy prices have fallen, the future is still uncertain, and experts warn of the need to look for sustainable alternatives to Russian gas.