16 January 2018, Tuesday, 12:51

Isle of Man could be intermediary for Belarusian companies


The isle, which joined the EU sanctions, is an offshore zone.

Ray Todd, a manager in the Legal-Library at Customs and Excise Division, told Euroradio he didn't know about economic relations between the countries. He says it is possible that banks and financial institutions have business with Belarusian companies, but they can choose not to speak about it.

According to him, imposing sanctions was caused by the similar measures taken by the EU.

Belarusian companies could export, for example, steel products to India and Africa through the Isle of Man, he says.

The Isle of Man, which provides offshore banking services, joined the sanctions not because it wants to freeze accounts of Belarusian companies, economist Leanid Zaika thinks.

“All references that, for example, oil produces were bought by the UK became annoying. The same happened to the Netherlands. Finally, the authorities became ashamed that so many oil products were sold through the isle. Using the EU terminology, these supplies supported the last dictatorship of Europe,” he said.

The expert holds up the US as an example. The US, unlike the UK, stopped buying Belarusian oil products completely. He adds the fact that the Isle of Man joined sanctions against Belarus will hardly change anything.

“Business is business. If I sell petrol, I don't care about Ashton, Lukashenka or Putin. I just do business with my friend Fritz or John. If I don't have the Isle of Man, I'll use the Isle of Pan. It doesn't matter. There are hundreds of offshore zones.

The Isle of Man joined the economic and visa restrictions against the Belarusian regime some days ago.