Recommendations for making further transactions in Belarus

Due to the new sanctions imposed by the European Union and the US on the Belarussian regime, we are closely monitoring all the transactions linked with Belarus and have updated the most important information for our customers about making further transactions in Belarus.

Sectors affected by sanctions

The sanctions imposed on the Belarussian regime are sectoral, which means that they are aimed at the economic sectors and industries. Sanctions affect the following industries:

• Oil industry;
• Tobacco products;
• Mineral fertilisers;
• Telecommunications and internet technologies;
• Dual-use items, including software and technology that can be used for both civilian and military purposes.

Making transactions

We suggest avoiding cooperation with Belarussian public sector and companies with Belarussian state capital.

SEB will evaluate each case individually. If needed, we will ask our customers for additional information or documents about the incoming or outgoing payments.

What to do in case of sanction risk?

We invite you to avoid making transactions of any type with sanctioned industries, companies, organisations or persons.

If you need to make a transaction or have an agreement with a sanctioned company, a Belarussian public sector company or an enterprise working in one of the sanctioned industries, please write to us in the internet bank (but companies – contact you client executive at SEB) to discuss the following steps.

Please note that in addition to the criminal liability for the violation of sanctions, there is also the reputational risk associated with involvement in activities that benefit the Belarussian regime.

More detailed information on the sanctions is available on the web page of the Ministry of Foreign Affairs of the Republic of Latvia.