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Almost half of Belarusian economy under Western sanctions — ambassador to Russia

In June 2021, the European Union introduced sectoral sanctions against Belarus, which include a ban on trade and transit of certain types of potash fertilizers

MOSCOW, November 23. /TASS/. Slightly less than half of the Belarusian economy is now under sanctions imposed by Western countries, Belarus’ ambassador to Russia Dmitry Krutoy said speaking at the Belarusian Investment Forum held in Moscow.

"Now 48% of the Belarusian economy is under direct Western sanctions, so it is critical for us not to reduce the share of investments in the gross domestic product and keep it at 20-25%," he said.

In June 2021, the European Union introduced sectoral sanctions against Belarus, which include a ban on trade and transit of certain types of potash fertilizers. The US Treasury imposed sanctions against OJSC Belaruskali. The Lithuanian government canceled the agreement on the transit of Belarusian fertilizers. Restrictions were also introduced against a number of other legal entities and individuals.

In response, Minsk and Moscow signed two basic agreements - on the transshipment of petroleum products and foreign trade cargo, primarily potash and nitrogen fertilizers, metallurgy and woodworking products. In November 2022, the two countries also signed to provide the Belarusian side with a loan of 105 billion rubles ($1.2 bln), which will be used to implement projects in the field of import substitution amid Western restrictions.

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Belarus Sanctions

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