Latvian lats standard from its introduction till 1940. On 17 June 1940, Latvia was occupied by the USSR. After the dismantling of the Bank of Latvia and its replacement with the Latvia Republican Office of the Gosbank on 10 October, the Soviet ruble was introduced alongside the lats on 25 November 1940 at par, although the real monetary value of the rouble was about three times lower and thus both wages and prices were gradually raised to devalue the lats from June to November 1940. To lessen the effect of the exodus of goods sent by Soviet occupational personnel to the USSR,
State continuity of the Baltic states the International Labour Organization since 1921. Therefore, its recognition was important towards the Baltic states to their claim to state continuity. The organisation accepted the Baltic claim to continue their previous membership, and accepted that the Baltic states continued to be bound by ILO conventions entered into prior to 1940. On that basis, the International Labour Organization considered the Baltic states had been readmitted, even though no formal decision determined it. There were three different attitudes in relations to the Baltic states after the coup d'état in Moscow in August 1991. First, there were states which had diplomatic relations before