BELARUS NEWS AND ANALYSIS

DATE:

21/01/2008

JSC Uralkali says Belarus jv BPC not subject to US Treasury sanctions

LONDON (Thomson Financial) - JSC Uralkali said the US Office of Foreign Assets Control (OFAC) has confirmed in writing that the company's export trader and a 50 pct joint venture with Belaruskali, Belarusian Potash Company (BPC), is not subject to the recently issued sanctions against Belneftekhim.

Russia's largest potash producer also said OFAC has confirmed that US persons may continue to enter into transactions and have business dealings with BPC.

However, Uralkali said it can give no assurance that OFAC's current position will not change.

On Nov 19, Uralkali said it would seek clarification from the US Treasury after Belarusian State Concern for Oil and Chemicals (Belneftekhim) and its wholly owned unit Belneftekhim USA Inc were added to the Treasury's list of specially designated nationals and blocked persons.

The company said any assets under US jurisdiction held by these entities must be frozen, and US persons are prohibited from transacting or doing business with such entities.

JSC Uralkali said its operations have not been affected by the above designation but added its 50 pct joint venture partner, BPC could ultimately be affected.

The company said it continues to evaluate the situation and its potential impact on the company.

Source:

http://www.hemscott.com/news/latest-news/item.do?newsId=57266947388222