(EU) The European Union bans 70% of Belarus exports

Posted on March 7, 2022   |  

• EU approved new sanctions against Belarus for its supportive role in Russia's invasion of Ukraine, banning 70% of all imports from that country.
• The sectors that will be impacted include wood, timber, steel, and iron, which were not covered in previous sanctions, and cumulatively represent 40% of all Belarusian exports to the EU.
• The sanctions had banned only 20% of Belarus export, whereas the new measures will completely ban its trade.
• The EU will stop exporting to Belarus a long list of machinery that could be used for military purposes, in addition to products already banned, and the new sanctioned products are advanced technologies, including computers, electronics, telecoms, sensors, and lasers.
• Belarusian banks have not been excluded yet from the SWIFT international payments system but are likely to.