EU hits Belarus with sanctions targeting potash, petroleum goods

The European Union imposed a sweeping set of sanctions against Belarus, targeting key economic sectors in its strongest response yet to last month’s forced landing of a Ryanair flight and the arrest of a journalist in Minsk.

The EU sanctions will restrict the trade of petroleum goods, tobacco-related products and potash, according to a Thursday statement. Exports of the soil nutrient potash and petroleum products are some of the main sources of foreign currency revenue for Belarus.

The move comes after the EU, the U.S. and the U.K. sanctioned dozens of Belarusian individuals and organizations in a coordinated response meant to pressure the government of President Alexander Lukashenko.

The measures will also:

• Target equipment used for monitoring or intercepting communications
• Prohibit dual-use goods and technologies for military use
• Restrict access to EU capital markets
• Prohibit providing insurance and re-insurance to the Belarusian government and public institutions
• The European Investment Bank will cease disbursing payments related to public projects

The state-run Belaruskali controls about 20% of the global potash market and supplies about 25% of the EU’s demand. Last year, potash shipments netted Belarus $2.4 billion, according to the country’s national statistical committee.