EU sanctions could target Belarus potash, oil and finance, ministers say

© Reuters. FILE PHOTO: European Union foreign policy chief Josep Borrell arrives for a face-to-face EU summit in Brussels, May 24, 2021. Olivier Hoslet/Pool via REUTERS

By Victoria Waldersee

LISBON (Reuters) -European Union sanctions on Belarus will likely hit the country’s potash and oil sectors, as well as financial transactions, foreign ministers from Germany, Luxembourg and Lithuania said on Thursday.

Tasked by EU leaders with preparing economic sanctions after the forced landing of a passenger plane in Belarus and the detention of a dissident journalist, foreign ministers began deliberations in Lisbon on sanctions that go beyond individuals.

“The hijacking of the plane and the detention of the two passengers is completely unacceptable, and we will start discussing implementation of the sectorial and economic sanctions,” EU foreign policy chief Josep Borrell told reporters before the informal meeting in Lisbon.

Luxembourg’s Foreign Minister Jean Asselborn said potash should be central to any new sanctions meant to pressure Belarusian President Alexander Lukashenko, who the opposition and the West say rigged presidential elections last August.

“The keyword, I think, is potash. We know that Belarus produces very much potash, it is one of the biggest suppliers globally, and I think it would hurt Lukashenko very much if we managed something in this area,” Asselborn said.

Germany’s Foreign Minister Heiko Maas said: “We aim to target the economic structure and financial transactions in Belarus significantly.”

Lithuanian Foreign Minister Gabrielius Landsbergis said the EU should consider hitting the oil sector with sanctions.

Ministers are aiming for agreement on June 21, when they meet in Luxembourg, and before the next meeting of EU leaders.

READ  Chocolate sales soar as UK shoppers comfort eat at home amid Covid
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Please enter your comment!
Please enter your name here