Threats voiced by Belarus increase uncertainty about commodity supplies to Russia, Asia – German Business Association

MINSK, Jul 13 - PrimePress. The Belarusian authorities’ threats to limit transit of goods increase the uncertainty about supplies of goods to Russia and Asia, says the Eastern Committee of the German Economy (German Business Association that unites German companies operating in Eastern Europe and former Soviet Union republics).<br> <br> According to the Association, Germany’s foreign trade with Eastern Europe “continues to gain momentum, and is back to the level observed before the crisis caused by the coronavirus pandemic.<br> <br> As previously reported, President of Belarus Alexander Lukashenko held on July 6 a meeting on countering Western sanctions. He instructed to bar the country from German goods and prohibit their transit through the country There were no official reports on this point as of July 13.<br> <br> The Council of the European Union (EU) at the level of foreign ministers of EU member states approved on 21 June 2021 the fourth package of individual sanctions on Belarus targeting 78 individuals and eight entities. The list of persons and entities hit by the sanctions includes MAZ, BelAZ, New Oil Company, Belaeronavigatsia air traffic service company, Bremino Group, Logex and Globalcustommanagement logistics companies, Sohra (exporter of Belarusian equipment). Since October 2020, the EU has imposed three packages of mostly personal sanctions against the Belarusian authorities.<br> <br> On June 25, 2021, the EU Council introduced sanctions against largest sectors of Belarus’ economy. The sanctions prohibit direct or indirect sale, supply, transfer or export to any natural or legal person, entity or body in Belarus or for use in Belarus of goods used for the production or manufacturing of tobacco products; the purchase, import or transfer from Belarus of petroleum products, potassium chloride products. The EU Council prohibited EU entities and individuals from purchasing, selling, and provide investment services for or assistance in the issuance of, or otherwise deal with transferable securities and money-market instruments with a maturity exceeding 90 days, issued after 29 June 2021. Securities of large credit institutions or other institutions with more than 50% state ownership or control as of 29 June 2021 are also prohibited. The ban also affects bonds issued by major credit or other institutions established in Belarus with over 50 % public ownership or control as of 29 June 2021 (Belarusbank, Belinvestbank, Belagroprombank). The government of Belarus, public bodies, corporations or agencies, or entities acting at their direction, are prohibited from acquiring insurance or reinsurance services from the EU. Any payments or disbursements by the European Investment Bank in connection with any existing agreements with the Republic of Belarus or its public authorities shall be prohibited. The EU member states will take the necessary measures to limit the involvement of multilateral development banks in Belarus. The prohibitions shall be without prejudice to the execution of contracts concluded before 25 June 2021 or ancillary contracts necessary for the execution of such contracts. End<br> <br>

2021-07-13

Primepress