The management of fiberglass manufacturer Polatsk Shklovalakno is taking measures to lessen the risk of losses from US sanctions, deputy director-general Syarhey Svyarshchow told news agency Belapan.
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The management of fiberglass manufacturer Polatsk Shklovalakno is taking measures to lessen the risk of losses from US sanctions, deputy director-general Syarhey Svyarshchow told news agency Belapan. He said that the management was using “lawyer“s and constitutional opportunities”, declining to offer additional details. “If I disclose them, I am afraid they will use countermeasures against us”, he said. Mr Svyarshchow would also not disclose the company“s exports, saying that it was a commercial secret. However, he noted that supplies to the United States were “not big”. On 15 May 2008, the US Treasury Department added the fiberglass manufacturer along with Lida-based Lakakraska paint and varnish company and the Belarusian Oil Trading House, two other companies under the Belarusian petrochemical concern Belnaftakhim, to its Specially Designated Nationals List. The action built on the November 2007 designation of Belnaftakhim. The sanctions mean that any assets of these companies within US jurisdiction must be frozen and US citizens are prohibited from conducting financial or commercial transactions with the firms. Foreign banks have often followed US firms in adhering to the Treasury Department“s sanctions against individual firms.