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VILNIUS, Jul 23, BNS – Lithuanian businesses will not incur major loses amid the European Union's (EU) sanctions on Belarus, as the measures are not aimed against all of the Belarusian businesses or society, Lithuania's Foreign Vice-Minister Evaldas Ignatavicius says.

 He dismissed the recent statements about billions of litas in losses as "inflicted theoretical speculations," emphasizing he saw no reasons for an economic war between the EU and Belarus.

"Restrictive measures have been applied against 32 Belarusian companies and three businessmen. The EU does not plan any large-scale economic sanctions against Belarus – the applied measures are not aimed against all businesses and society of Belarus," the vice-minister said in an interview to Lietuvos Zinios daily.

"The statements about the billions in losses cannot come from the context and highly resemble the theoretical speculations that are inflicted against us. Bilateral turnover of goods and services has been estimated at billions of litas over past years, therefore, the billions of litas in losses would only be possible amid full economic EU-Belarusian war, however, I see no reasons for this," Ignatavicius said.

In his words, EU practice does not envisage compensation of damages incurred in the wake of sanctions.

"Should member-states or business entities be able to demand compensations, the measures against Iran, North Korea, Zimbabwe or other countries engaged in politics inconsistent with international commitments would have ever been introduced," the diplomat said.

"I am convinced that our businessmen are truly literate in the broad sense of the word and, when making contacts with foreign companies, they consider the political context and related risks. The Foreign Ministry never leaves businesses in trouble. The ministry and missions abroad issue warnings on a regular basis about possible threats," said Ignatavicius.

The restrictions against representatives of the regime of Belarusian President Alexander Lukashenko and a few dozen companies were introduced by the EU in response to the repressions started by Minsk in the wake of the wave of protests in the end of 2010. During the discussion of sanctions, Lithuanian businesses said the severe measures could lead to extensive losses.