Economic damage to Belarus from Western sanctions unlikely to exceed 2.9% of GDP – premier
<p> MINSK, Jun 7 - PrimePress. The economic damage of Belarus from the Western sanctions may amount to no more than 2.9% of the country’s gross domestic product (GDP), and the government is ready to compensate for this loss at the expense of “other sources”. Prime Minister of Belarus Roman Golovchenko made a statement to this effect in a TV interview shown on June 5. </p> <p> </p> <p> “The cost of the financial sanctions, which affect the economy of the country, is about 1.7 pp. to GDP, while trade sanctions - 0.7 pp. If we combine trade and financial sanctions, the maximum amount of damage, which was calculated, was 2.9% of GDP,” Prime reports citing Golovchenko as saying. </p> <p> </p> <p> At the same time, the head of government referred to U.S. scientists’ study about sanctions. </p> <p> </p> <p> “I'm sure that even if it has this effect, we will unambiguously cover these figures at the expense of other sources. But we will not be silent, we will not sit and wait for this cumulative damage,” Golovchenko said. </p> <p> </p> <p> As previously reported, Western countries did not recognize the August 9, 2020 presidential election as free and democratic, and Alexander Lukashenko as the elected president. The European Union (EU), Great Britain, the USA and Canada imposed political and economic sanctions against a number of Belarusian officials and companies loyal to the current government. </p> <p> </p> <p> The U.S. Department of the Treasury on 3 June 2021 re-imposed full blocking sanctions against nine Belarusian state-owned enterprises previously granted relief under a series of General Licenses by the Treasury Department (Belneftekhim Concern and its U.S. representative office, as well as Belneftekhim-controlled Belshina, Grodno Azot, Grodno Khimvolokno, Lakokraska, Naftan, Polotsk-Steklovolokno, and Belarusian Oil Trading House). EU countries announced the possibility of extending sanctions on Belarusian exports; in particular, deliveries of potash fertilizers, oil products and timber to the European market may be banned. These are the main export commodities of Belarus. End </p>
2021-06-08
Primepress
Economic damage to Belarus from Western sanctions unlikely to exceed 2.9% of GDP – premier
MINSK, Jun 7 - PrimePress. The economic damage of Belarus from the Western sanctions may amount to no more than 2.9% of the country’s gross domestic product (GDP), and the government is ready to compensate for this loss at the expense of “other sources”. Prime Minister of Belarus Roman Golovchenko made a statement to this effect in a TV interview shown on June 5.
“The cost of the financial sanctions, which affect the economy of the country, is about 1.7 pp. to GDP, while trade sanctions - 0.7 pp. If we combine trade and financial sanctions, the maximum amount of damage, which was calculated, was 2.9% of GDP,” Prime reports citing Golovchenko as saying.
At the same time, the head of government referred to U.S. scientists’ study about sanctions.
“I'm sure that even if it has this effect, we will unambiguously cover these figures at the expense of other sources. But we will not be silent, we will not sit and wait for this cumulative damage,” Golovchenko said.
As previously reported, Western countries did not recognize the August 9, 2020 presidential election as free and democratic, and Alexander Lukashenko as the elected president. The European Union (EU), Great Britain, the USA and Canada imposed political and economic sanctions against a number of Belarusian officials and companies loyal to the current government.
The U.S. Department of the Treasury on 3 June 2021 re-imposed full blocking sanctions against nine Belarusian state-owned enterprises previously granted relief under a series of General Licenses by the Treasury Department (Belneftekhim Concern and its U.S. representative office, as well as Belneftekhim-controlled Belshina, Grodno Azot, Grodno Khimvolokno, Lakokraska, Naftan, Polotsk-Steklovolokno, and Belarusian Oil Trading House). EU countries announced the possibility of extending sanctions on Belarusian exports; in particular, deliveries of potash fertilizers, oil products and timber to the European market may be banned. These are the main export commodities of Belarus. End