MINSK, 28 October (BelTA) – Losses of Belarusian oil refineries due to sanctions have already hit $80 million, Deputy Prime Minister Yuri Nazarov said during a joint session of the House of Representatives and the Council of the Republic in the Oval Hall of the Government building, BelTA has learned.
“Unfortunately, we are fully aware that the sanctions will last for a long time, and in the future they can have a tangible impact on the economy of our country. I will give you an example: the losses of our oil refineries alone as a result of the sanctions and the measures we had to undertake in response have already amounted to $80 million (this is due to more complicated logistics, payments, etc),” Yuri Nazarov said.
According to him, companies that came under the sanctions incur additional costs as they need to find new suppliers of component parts and raw materials and the payment processing takes longer. This is the most impactful adverse effect of the sanctions on the manufacturing sector. “All this makes it difficult for our companies to honor their commitments in time. In addition, the terms of borrowing are getting worse, as the cost of loans is increasing, the loan period is getting shorter, and additional requirements are being introduced,” the deputy prime minister noted.
He emphasized that the government and state agencies are going to undertake measures promptly to neutralize the negative impact of external factors. “In addition, the aggressive policy of a number of countries has not been left unanswered. The government has adopted a number of retaliatory measures towards the unfriendly countries,” Yuri Nazarov noted.
