24 Mar 2023 19:06

U.S. imposes sanctions against BelAZ and MAZ

MINSK. March 24. Interfax - The U.S. Treasury has imposed sanctions on Belarusian machine-building enterprises, the Belarusian Automobile Plant (BelAZ) and the Minsk Automobile Plant (MAZ).

The U.S. Treasury's website indicates that the companies are included in the specially designated nationals and blocked persons (SDN) list.

Treasury's Office of Foreign Assets Control (OFAC) has also put nine Belarusian individuals on the list and designated one of President Alexander Lukashenko's aircraft, a Boeing-737, as blocked property, the press release said.

Sanctions were imposed on BelAZ and MAZ earlier by the European Union and Canada. Sanctions have also been imposed against BelAZ CEO Sergei Nikiforovich and MAZ head Valery Ivankovich.

As a result of the sanctions, all property and interests in property of the designated persons that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, 50% or more by one or more blocked persons are also blocked, the press release said.

Financial institutions and other persons that engage in certain transactions or activities with the sanctioned entities and individuals may expose themselves to sanctions or be subject to an enforcement action, the Treasury Department said.

BelAZ, the management company of BelAZ Holding, is one of the world's largest manufacturers of mine dump trucks and transport equipment for the mining and construction industries. It has about a 30% share of the world market for super heavy duty mine dump trucks and produces the world's largest mine dump truck, with capacity of 450 tonnes.

MAZ, the management company of Belavtomaz Holding, is one of the largest automakers in the CIS. The company produces trucks, buses, minibuses and specialized vehicles.