MOSCOW (Reuters), – Alexander Lukashenko, the Belarusian leader said Friday that the economic situation was unprecedented. This comes a day after sanctions were imposed by the United States and allies against dozens of entities and individuals in Belarus.

This latest round of sanctions will significantly increase the pressure on Lukashenko. He is being accused by Western governments, including of ordering massive crackdowns on opposition members and driving migrants from the Middle East towards Poland’s border. All of these accusations he refutes.

Belarus’s state news agency Belta quoted Lukashenko saying that “our economy is under external stress on an unprecedented size and depth.” “Aggressive rhetoric continues.”

Lukashenko stated that Belarus has managed to sustain economic growth. According to October projections, the World Bank projects that it will grow 1.2% by 2021. The economy experienced a 0.9% decline last year.

Lukashenko stated that the Belarusian authorities must ensure that inflation falls to 6% by 2022. This is a decrease from the 10.5% reported in Nov.

He stated that “we plan to have single-digit inflation at 6% by 2022.”

After sanctions against Belarus Potash Company, the main exporter of Belarusian potash producer Belaruskali (BPC), shares of global potash producers rose Thursday.

BPC announced Friday that they would operate within legal frameworks. However, it did not give any further details after the imposition of sanctions.