Europe refused to cash out $ 1 billion issued to Minsk

European Commissioner Borrell: aid to Minsk in the amount of $ 923 million cannot be cashed

Aid to Belarus from the International Monetary Fund (IMF) in the amount billion dollars in SDR (Special Drawing Rights) cannot be cashed in any European central bank. EU High Representative for Foreign Policy and Security Josep Borrell stated this in his letter, the Belarusian newspaper Ezhednevnik reports.

According to the European Commissioner, the refusal to carry out such an operation will be based on its interpretation as an investment service to the presidential regime countries of Alexander Lukashenko. Such services, he noted, are expressly prohibited by EU sanctions. Borrell recalled paragraph 16 of the resolution of the European Parliament on Belarus, which says that EU member states should coordinate their actions with international partners in international organizations in order to limit the allocation of funds to Minsk.

The IMF distributed SDR funds in August 2021 … Belarus received $ 923 million. Experts expected that Minsk could end up on the black list of countries whose aid was frozen, but only Venezuela, Myanmar and Afghanistan were included in it.

Nevertheless, economists could not unequivocally answer what Belarus could do with the received SDRs … One of the obvious options was the buyout of the entire volume by Russia, which itself received $ 18 billion in SDR from the IMF.

However, Russia, which has low external debt, practically does not need special drawing rights. In fact, the country could painlessly distribute aid to poorer countries, but chose to keep the entire volume in its gold and foreign exchange reserves.

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