Treasury Designation of Three Petrochemical Entities in Belarus

Treasury Designates Three Entities of Major Petrochemicals Conglomerate in Belarus

Washington - The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today designated three enterprises of Belneftekhim Concern. Today's action builds on the November 13, 2007, designation of Belneftekhim Concern.

The Belarusian enterprises designated today are Lakokraska OAO, Polotsk Steklovolokno OAO, and the Belarusian Oil Trade House. Lakokraska OAO is a subsidiary of Belneftekhim Concern and manufactures varnishes and paints. Polotsk Steklovolokno OAO, also a subsidiary of Belneftekhim Concern, manufactures glass, silica fibers, and other related products. The Belarusian Oil Trade House is an enterprise of Belneftekhim Concern and acts as a clearinghouse for financial, contractual, and web-based transactions on behalf of Belneftekhim Concern and its subsidiaries. The Belarusian Oil Trade House also operates an online auction trading system called United Trading Site.

Today's designations were made pursuant to Executive Order 13405, which authorizes the Secretary of the Treasury to designate individuals or entities that are responsible for undermining, or have participated in actions that undermine, democratic processes or institutions in Belarus; that are responsible for, or have participated in, human rights abuses related to political oppression in Belarus; that are 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; 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 Executive Order 13405; or that are 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 Executive Order 13405.

As a result of Treasury's designations, any assets of these entities that are within U.S. jurisdiction must be frozen. Additionally, U.S. persons are prohibited from conducting financial or commercial transactions with these entities.

Please visit the following link for more information about the November 13, 2007, designation of Belneftekhim Concern:

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

Source: U.S. Department of State

judythpiazza@newsblaze.com

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