The European Union extended sanctions restrictions against certain Belarusian individuals

On 03 August 2023, the European Union extended sanctions against Belarus by adding 38 individuals and 3 legal entities to the blocking list:

  • V.I. Kozlov Minsk Electrotechnical Plant, OJSC;
  • OJSC BMZ is the managing company of BMK Holding;
  • State Concern Belneftekhim.

The inclusion of the above-mentioned individuals in the EU blocking sanctions means a freezing of their assets and a total ban on doing business in that jurisdiction. The restrictions will include a ban on any person in the EU or any EU resident entity/individual, regardless of where they are located:

•    to deal with property, wherever located, which is owned, held or controlled by a designated entity or a person acting on its behalf;
•    the provision of any financial or related services in relation to sub-sanctioned persons;
•    providing any goods, wherever located, to a designated person or a person acting on behalf of a designated entity.

In accordance with the legislation of the Republic of Belarus, restrictive measures (sanctions) of third countries have no legal force in Belarus. The information may be useful when assessing arguments of foreign partners about the presence/absence of restrictions on their side.

If you still have questions, REVERA Belarus lawyers will be able to advise you. 

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