A package of wide-ranging sanctions triggered by the Belarus government’s decision to force a Ryanair plane to land in Minsk includes a ban on European (re)insurers providing the country with certain insurance and (re)insurances.

The economic sanctions also prohibit new loans or credit to the Belarusian government or public bodies and agencies and the European Investment Bank will halt lending to the country. The EU has also placed a ban on trading Belarusian securities with maturities of more than 90 days.

The EU has acted in response to claims of escalating human rights abuses in the country, including detaining dissident journalist Raman Pratasevich who was on the Ryanair flight.  Crucially, the sanctions also restrict trade in petroleum products, potassium chloride and goods used for the production or manufacturing of tobacco products.

Under the new sanctions, Europeans may not directly or indirectly sell, supply, transfer or export to anyone in Belarus communication equipment, technology or software that could be used for monitoring or repression.

A total of 166 persons and 15 entities are currently subject to the restrictive measures, which comprise an asset freeze applicable to both individuals and entities, and a travel ban on individuals.

Belarus has retaliated to the sanctions by halting cooperation on stemming illegal migration, denying entry to EU officials and will suspend its participation in the EU’s Eastern Partnership program, which was intended to strengthen cooperation with several ex-Soviet nations.

"I do not foresee any democratic transition soon in Belarus," said Ukrainian Foreign Minister Dymtro Kuleba. "But the EU had no other choice if it wants to stand up for its values."

W Denis is a specialist international (re)insurance broker providing coverage for a wide range of sectors. For further details visit www.wdenis.eu  or contact Vida.Jarasiunaite@wdenis.eu