Minsk, June 24 (EFE). – The President of Belarus, Alexander Lukashenko, said today that he is ready to implement martial law in Belarus in the face of European Union sanctions on the economy of the former Soviet republic.
“There should be no (economic) collapse in any company. We will apply martial law if necessary,” the president said during a trip to the Grodno region in light of the possible economic consequences of sectoral sanctions.
According to Lukashenko, the Belarusian economy should not suffer from the restrictions of the European Union, which is why he urged the search for new ways to diversify the economy.
“We must show these bastards on the other side of the border that their punishment speaks of their impotence. And we will do it,” he was quoted by the official Belta news agency as saying.
Despite Lukashenko’s words, the sanctions will affect Belarus, says Vadim Yusup, a prominent economist and analyst at Alpari-Eurasia.
“It’s definitely going to be painful,” he told Efe. “The strength of the blow depends on the details.”
“The main sectors of the Belarusian economy have come under sanctions. Employees of certain companies will feel their impact as soon as they get their next salary. All Belarusians will feel the consequences of the sanctions in the next quarter,” Usopp noted.
On Thursday, the Council of the European Union imposed economic sanctions on Belarus due to the escalation of human rights violations and violent repression of civil society, democratic opposition and the press.
The sanctions, which also respond to the emergency landing of a Ryanair plane in Minsk last month for the arrest of journalist Roman Protacevic and his companion, include restricting trade in petroleum products, potash and goods used in the manufacture of tobacco products.
The new selective economic sanctions also refer to a ban on the sale, supply, transfer or export, directly or indirectly to any person in Belarus, of equipment, technology or software that can be used primarily to monitor or intercept Internet or telephone communications.
The veto of dual-use goods and technologies for military purposes in favor of specific persons, entities or bodies of Belarus is also used.
Moreover, the country’s access to the EU capital markets is restricted, as well as the provision of insurance and reinsurance to the Belarusian government, public bodies and agencies.
Finally, the European Investment Bank (EIB) will suspend any payments or payments under existing agreements relating to projects in the public sector, or any technical assistance service contract.
USP noted that the strength of the blow to the Belarusian economy will also depend on whether the UK and Ukraine refuse to buy oil products.
And also what restrictions will be placed on producers of potash fertilizers.
He stated that if the export ban was, then Belaruskali, one of the main companies in Belarus, would lose about 8% of exports.
If a ban were imposed on the transit of potash fertilizers through the European Union, it would be a really serious blow to both the company and the entire economy, because most of the Belarusian fertilizers are transported through the Lithuanian sea port.
“They are very harsh sanctions. There have never been sanctions of this magnitude from Europe,” he said. EFE
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