Due to the broad definition of the new U.S. Treasury sanctions on Eritrea regarding the Tigray Conflict, the importation of fuel, machinery, and medicine to the country is getting complicated, delayed and in some cases declined.
The OFAC, is a financial intelligence and enforcement agency of the U.S. Treasury Department. It prohibits or rejects, the trade and financial transactions of any targeted country.
Eritrea is currently, subject to financial sanctions by the Office of Foreign Assets Control (OFAC). Any trade or transaction made in US$ is subject to scrutiny. So Eritrea has to switch most of its trade in € or ¥, to minimize the effects of this unilateral U.S. sanction.
By design, western financial institutions made raising money difficult- if not impossible- for mining companies operating in Eritrea. In the end, they all end up being acquired by China. The Colluli potash project was supposed to start production, this year.
The U.S. succeeded to bring Russia and China to slap, for stand-alone (economic & arms embargo), tough UNSC sanctions against Eritrea (2009-2018). The embargo greatly affects, Eritrea's economic progress.
Potash - A Game Changer For Eritrea's Economy
https://www.tesfanews.net/potash-game-c ... onomy/?amp
Today, Russia and China are against ANY unilateral sanction over Eritrea.
Diaspora Eritreans should continue supporting the economy, through remittances. Let's shore up Eritrea's forex reserves, by supporting our families back home REGULARLY. Send your $$- legally. (Eg. Western Union)
The U.S. engineered UNSC sanctions, have been lifted since 2018. But the U.S. and its allies still maintain some "import restrictions" such as servers, aircraft parts, banking systems upgrades (software & hardware, eg. ATMs), telecom/internet equipment, etc. on top of IMF/WB loan/grant ban.
TN: @tesfanews
