Minsk admits $14 billion decrease in exports due to sanctions and Ukraine

Due to Western sanctions and the conflict in Ukraine, Belarus' exports in 2022 may decrease by 30%, which will lead to losses of $14 billion, First Deputy Prime Minister Nikolai Snopkov said at a meeting of the House of Representatives and the Council of the Republic, BelTA informs.

“Sanction restrictions and the loss of the Ukrainian market are estimated at $14 billion in EXPORT revenue losses by the end of the year, or about a 30% decrease in exports,” Snopkov admitted.

He noted that since June, MINSK will not be able to sell wood, ferrous metals and products from them, as well as cement and tires to the premium European market, which is about $1.8 billion in export earnings.

“The direct impact of the sanctions affected about 20% of the Belarusian economy and indirectly spread to the rest of it,” the First Deputy Prime Minister stated.

Earlier, Belarusian Prime Minister Roman Golovchenko estimated the loss of exports from the republic due to economic sanctions imposed on Minsk by the EU and North American countries at $16-18 billion. He said that Belarus would reorient itself to other markets, including Asian, African and the Middle East.

The EU countries and the United States introduced the first package of sanctions against Minsk in August 2020 after the presidential elections. These restrictions affected officials, the country's public debt and state-owned companies, including Belavia and Belorusneft.

Western countries introduced a new package after the start of the Russian military operation in Ukraine on February 24. They touched upon the energy and transport sectors, the financial and other sectors, as well as visa policy.