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Sweden's EKN refuses to insure Siemens gas turbines to Belarus

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The National Anti-Crisis Management contacted EKN back in early April to ensure that the agency was not involved in deals with the illegitimate government of Belarus. After the Swedish media started to widely discuss the problem, EKN froze the deal for the duration of the proceedings. On May 25, the agency made the final decision: the Swedish company refused to participate in deals to supply turbines to Belarus and would not provide insurance guarantees.

According to the company’s official statement, it was caused by "negative developments in Belarus and new information on human rights violations". EKN also noted that they have started collecting additional information on the situation and reanalyzed the deals after receiving information from democratic forces in Belarus.

Nikolay Prokofiev, a member of the NAM economics team, calls the next step — it is now important to inform the lending banks so that they also withdraw from the deal:

— Banks will no longer be able to finance deals with Siemens for the purchase of gas turbines because they need additional guarantees for these deals, which were previously provided by the EKN. Now there are no guarantees, hence no credit either. In theory, this deal could of course be insured by another company, but this is unlikely, as the withdrawal of the insurance company from the deal after it was made shows the insolvency of Belarus as a business partner. Now the financing will be suspended. Some of the money for the purchase of the turbines has already been disbursed — we will talk to the banks to see what can be done about it.

The NAM continues its campaign to deprive Lukashenka’s terrorist regime of money. We thank the Belarusian diaspora and Swedish journalists for their help. This is our common achievement.

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