Belarusian Belneftekhim 'not worried' by US sanctions

15 August 2011 13:59  [Source: ICIS news]

LONDON (ICIS)--Economic sanctions announced by the US against four subsidiaries of the largest Belarusian petrochemical holding company, Belneftekhim, will have almost no impact on the firms' earnings, Belneftekhim said on Monday.

“The actions of the US State Department will actually primarily hurt American businesspeople looking to do business with the companies, as these companies have almost no business links with America at this moment in time,” state-controlled Belneftekhim's press department said in a statement.

The sanctions have been imposed against the Belshina tyre plant, fertilizer manufacturer Grodno Azot, fibre manufacturer Grodno Khimvolokno and the Naftan oil refinery, the State Department said.

Introduced to protest against a Belarusian government crackdown on political opposition, the new measures follow the introduction of travel restrictions and other sanctions imposed earlier this year against President Alexander Lukashenko and other state officials following the disputed December 2010 general election in Belarus, it added.

"These measures target those responsible for the repression in Belarus following the [election]. They are not designed to harm the people of Belarus," said State Department spokeswoman Victoria Nuland, who appealed to the government of Belarus to release all political prisoners immediately.

By: Will Conroy
+44 20 8652 3214

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