Europe

EU hits Belarus potash transit with economic sanctions - official journal

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European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium May 5, 2021. REUTERS/Yves Herman/File Photo

BRUSSELS, June 24 (Reuters) - New European Union economic sanctions on Belarus prohibit any import or transport of products including potash, petroleum and tobacco, while banning new loans or dealings in longer-term securities, the bloc's official journal said on Thursday.

The EU imposed the sanctions earlier in the day but do not affect contracts concluded before June 25, the journal said. They affect institutions whose state participation was 50% as of June 1 this year.

The sanctions mean Belarus, the world's largest producer of potash, will face a challenging task to find other countries to transport the fertiliser ingredient via the Baltic Sea.

(Corrects paragraph 2 to show that contracts concluded before June 25 are not affected)

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Reporting by Robin Emmott Editing by Mark Heinrich

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