Belarus potash targeted in renewed sanctions
The European Union (EU) on Thursday imposed new restrictive measures against Belarus in response to the forced landing of a Ryanair flight in Minsk last month, as well as concern about “the escalation of serious human rights violations” in that country.
The renewed sanctions target potash producers, as well as petroleum products and goods used for the production of tobacco products.
The EU sanctions follow sanctions imposed by the US, UK and Canada.
Sanctions targeting potash from Belarus, a major producer, have lifted potash prices. Earlier this week, Canadian potash producer Nutrien announced it would boost potash output to take advantage of improved market conditions.
The new targeted EU economic sanctions also include the prohibition to directly or indirectly sell, supply, transfer or export to anyone in Belarus equipment, technology or software intended primarily for use in the monitoring or interception of the internet and of telephone communications, and dual-use goods and technologies for military use and to specified persons, entities or bodies in Belarus.
Furthermore, access to EU capital markets is restricted, and providing insurance and re-insurance to the Belarusian government and Belarusian public bodies and agencies is prohibited. Lastly, the European Investment Bank will stop any disbursement or payment under any existing agreements in relation to projects in the public sector, and any existing technical assistance service contracts. Member states will also be required to take actions to limit the involvement in Belarus of multilateral development banks of which they are members.
Trade in petroleum products, potash and goods used for the production of tobacco products is restructured.
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