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In response to human rights violations that took place during period of May to August 2021, the European Union, United States and other countries have imposed numerous sanctions on Belarus.
In addition to sanctioned subjects, there are also sectoral sanctions that have been imposed, targeting several sectors of Belarus economy.
These sanctions prohibit or restrict deals concerning the dual-use goods and technologies used for military purposes; technology or software intended primarily for use in the monitoring or interception of the internet and of telephone communications; goods used for the production or manufacturing of tobacco products; potassium chloride products and petroleum products.
In addition to the impacted sectors, the restrictive measures may also apply to related services such as transportation, technical assistance etc.
Furthermore, access to EU capital markets is restricted and further prohibitions are imposed against dealings with Belarusian government, Belarusian public bodies, Belarusian agencies and the banks included in the sanctions lists.
To make sure that the restrictions are followed, Luminor has to evaluate customers’ transactions and operations to determine whether they fall under the scope of the new targeted economic sanctions.
This means that we may have to hold the customer’s transaction and ask them to provide supporting documents to investigate whether the transaction is related to the sanctions imposed by the EU, U.S. or other governmental bodies. For that reason, the execution of payments may on occasion be delayed.
In line with our risk appetite and General Business Terms, Luminor may also decline from engaging in a particular transaction in case we identify any risks of possible involvement, evasion or breach of sanctions.
Information on the sanctions programs applicable for Belarus, imposed prohibitions and restrictions, as well as names of sanctioned subjects can be found here: