HM Treasury has published a notice confirming that the EU asset freeze against BelTechExport has been lifted.
The lifting of the asset freeze follows a judgment of the General Court of the European Union, handed down on 9 December 2014, annulling the EU sanctions listing of BelTechExport from its Belarus sanctions (see previous blog). The judgment was not appealed and so the annulment order has now come into force.
BelTechExport was listed on the basis that “It supports and provides revenue to the Lukashenka regime by its sale of arms”, “benefits from the regime as the main exporter of arms and military equipment owned by the state or produced by state owned companies”, and has ties to a listed individual, Vladimir Peftiyev. The sanctions on BelTechExport were first imposed by Council Regulation (EU) 588/2011 amending Council Regulation (EC) 765/2006 and Council Decision 2011/357/CFSP amending Council Decision 2010/639/CFSP.
A list of EU sanctions in force against Belarus can be found in the “sanctions in force” section of this blog.