EU agrees to ban Belarus from receiving euro banknotes, imposes strict sanctions

In retaliation to Russia's unprovoked offensive upon neighbouring country Ukraine, the stringent sanctions imposed by global powers in a bid to control Moscow and ally Belarus on the economic front, had made headlines. Continuing the severe sanctioning, European Union (EU) on Wednesday imposed fresh sanctions on Belarus, which would prevent the country from receiving euro banknotes. Notably, 3 Belarusian banks are also been banned from using the SWIFT system. European Commission stated that Belagroprombank, Bank Dabrabyt, and the Development Bank of the Republic of Belarus are the banks that will, from now on, not be able to use the SWIFT system.

Apart from this, Belarusian nationals and residents would be unable to transfer savings worth more than 100 euros to EU banks and will be unable to purchase euro-denominated assets. It was also announced that as of April 12, 2022, the EU will prohibit the listing of shares of Belarus state-owned businesses on EU trading venues and the supply of services. The financial inflows from Belarus to the EU will also be limited by restricting the acceptance of deposits in excess of €100.000 from Belarusian nationals or residents, according to the European Commission's official website.

EU adds 160 Russian oligarchs & politicians to sanctions blacklist

EU also added 160 Russian oligarchs and politicians to its sanctions blacklist on Wednesday, and also targeted crypto-assets and the maritime sector, in response to Moscow's war in Ukraine, reported TASS. These measures bring EU sanctions against Russia and Belarus closer together, making it considerably more difficult for Russian sanctions to be avoided, particularly through Belarus.

European Commission chief Ursula von der Leyen stated on Twitter that they are tightening the net of sanctions in response to Russia's military aggression against Ukraine and that they are sanctioning 160 individuals, which includes oligarchs, Russian Federation Council members, Belarus financial sector, transfer of maritime navigation technology to Russia, and crypto-assets. The permanent representatives of EU member states agreed on further penalties against Russian politicians and businessmen, as well as their families, as announced by the French Presidency of the EU Council earlier on Wednesday.

Other countries that sanctioned Belarus

Earlier on Tuesday, Japan issued new sanctions, blocking the assets of 32 Russian and Belarusian officials and oligarchs, as well as 12 Russian and Belarusian organisations. It was also reported on Sunday that South Korea will be imposing export controls on Belarus as a result of its backing for Russia's invasion of Ukraine.

Image: AP