In recent years, Belarus has been developing in conditions of extreme turbulence and uncertainty of socio-economic development due to the intensification of external and internal threats, undermining the possibilities of sustainable and balanced economic growth. Among the key external threats, we should mention: the rapid increase in geopolitical tensions after the rigged presidential elections in Belarus in August 2020 and the unprecedented pressure of sanctions from Western countries on the economy of Belarus, the migrations crisis, and Russia after the Russian invasion of Ukraine in February 2022. The broken dialogue with the West deprived President Lukashenko of the possibility of balancing between the EU and Russia, especially in the economic field. This article analyzes the condition of the Belarusian economy against the background of Western sanctions imposed on the country in 2020 and 2022