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27 December 2021, 18:52
Vladimir Ulakhovich

Sanctions against Belarus hurt foreign businesses

Vladimir Ulakhovich
Vladimir Ulakhovich
Chairman of the Belarusian Chamber of Commerce and Industry

The sanctions against Belarus are detrimental to foreign businesses as well, Chairman of the Belarusian Chamber of Commerce and Industry (BelCCI) Vladimir Ulakhovich said in an interview with the STV TV channel, BelTA informs.

“We should keep in mind that not only Belarusian enterprises incur losses as a result of the sanctions. Our partners would not want to cut off these ties, they are looking for ways to preserve them. They say that politics is politics, but the economy, business relations, trade and economic ties are the basis of everything. How can you cut off it all? Businesses say that they would not want to lose what has been achieved over the years, what is producing results,” Vladimir Ulakhovich said.

In his words, one of the ways to respond to the sanctions at this stage is to diversify the export portfolio. “Unfortunately, a significant amount of our exports goes to a small number of countries that are our partners. On the one hand, this is a blessing, because we have our niche there, but this is our vulnerability, too. The diversification task was set a long time ago, we have been working on it step by step. Of course, restrictions prompt companies to explore distant markets. That is what they are doing now. It is true, this is not easy and will take some time. It is necessary to gain a foothold in new markets, roll out new products, increase supplies, but the basis for this has already been laid,” the BelCCI chairman said.

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