The Baltic Nation term refers to the countries of Latvia and Estonia. Latvia is a country located in Northern Europe, bordered by Estonia, Lithuania, Belarus, and Russia. It has a population of over two million people and its capital city is Riga. Estonia is also located in Northern Europe, bordered by Latvia, Russia, and the Gulf of Finland. It has a population of over one million people and its capital city is Tallinn. Both Latvia and Estonia are members of the European Union and the Eurozone.