On Thursday, the European Union put sanctions on Belarus’ economy in response to Minsk’s forced landing of a Ryanair flight last month in order to arrest a journalist on board, which Western officials described as “state piracy.”
The additional penalties, which come after overflight bans on Belarusian planes, include prohibitions on EU corporations importing commodities or doing business with Belarusian companies in industries such as banking, petroleum products, and potash.
Petroleum goods, fertilizer potash, and cigarette products are all forbidden. Access to EU capital markets has been restricted, as has the provision of insurance and reinsurance to the Belarusian government and other Belarusian public entities and agencies.
The European Investment Bank (EIB) has decided to suspend lending to the country.