BELARUS NEWS AND ANALYSIS

DATE:

13/11/2007

Treasury Targets Lukashenko-controlled Petrochemical Conglomerate

Washington, D.C.--The U.S. Department of the Treasury today designated Belarus' largest petrochemical conglomerate under Executive Order 13405 as being controlled by oppressive Belarusian president Alexander Lukashenko.

"Today's action tightens our sanctions against Lukashenko and his cronies by imposing financial sanctions against a massive conglomerate under the regime's control," said Adam Szubin, Director of Treasury's Office of Foreign Assets Control (OFAC).

Belarusian State Concern for Oil and Chemistry, a.k.a. Belneftekhim, along with its representative offices in Germany, Latvia, the Ukraine, Russia, and China, and its wholly-owned U.S. subsidiary Belneftekhim USA, Inc., were added to Treasury's list of Specially Designated Nationals and Blocked Persons, with the result that any assets the entities hold under U.S. jurisdiction must be frozen and U.S. persons are prohibited from transacting or doing business with the designated entities.

Today's action follows the 2006 blocking of the assets of Lukashenko and nine other senior officials of his administration. In February 2007, Treasury blocked the assets of another 6 high-ranking Belarusian officials, bringing the total number of designated officials to 16.

Today's designations are made pursuant to Executive Order (E.O.) 13405, which was issued in 2006 in light of the oppression by Lukashenko and key members of his administration. E.O. 13405 authorizes the Secretary of the Treasury, after consultation with the Secretary of State, to block the assets of individuals or entities determined to be responsible for, or to have participated in, actions or policies that undermine democratic processes or institutions in Belarus; to be responsible for, or have participated in, human rights abuses related to political repression in Belarus; to be senior officials, family members of such officials, or persons closely linked to such officials who are responsible for, or have engaged in, public corruption related to Belarus; to have materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services in support of, the activities described above or any person listed in or designated pursuant to E.O. 13405; or to be owned or controlled by, or acting or purporting to act for or on behalf of, directly or indirectly, any person listed in or designated pursuant to E.O. 13405.

Source:

http://www.ustreas.gov/press/releases/hp676.htm