The new package looks to hit key sources of revenue for the authorities in Minsk by restricting trade in potash fertilizer, petroleum and tobacco products.
It limits access for Belarus to the EU's capital markets and bans providing insurance to government and public bodies.
Lukashenko flew into Russia on Friday for talks with Putin amid an uproar in Europe over the grounding of a passenger plane in Minsk and the arrest of a dissident blogger.
The talks in the Black Sea city of Sochi were organised before the plane incident, but come as the West has accused Belarus of piracy over the way the plane was made to land.
Both are now languishing in jail. Accused of orchestrating mass riots, Protasevich could be jailed for up to 15 years.
The bonds, with a maturity of at least three years, may be placed in Russia in 2021-2023 to help Belarus to refinance its foreign debt, the decree said.
Belarus, which has been rocked by protests since last year's contested elections, has to cover more than $3 billion of its foreign debt this year.
The Minsk Investigative Committee warned that protesters could face criminal charges, and said it had opened a case against the authors of posts on the Telegram messenger app that called for people to go out on the streets.
Protests were expected to start again in earnest on Saturday afternoon, though some detentions had already taken place in the morning, according to videos shared on Belarus opposition media channels.
As the demonstrations subsided, activists, protesters and journalists were prosecuted and the court system has since become a conveyor belt of guilty verdicts.
Eurovision's organisers, the European Broadcasting Union, on Thursday threatened Belarus with disqualification if it did not submit a modified version of the entry or submit a new song.
"They are starting to press us on all fronts. Even at Eurovision, I see," Lukashenko said, in his first public comments about the row.
More than 200 trucks a day cross into European Union member Latvia at the Paternieki border point, some of them stuffed with smuggled cigarettes hidden among other cargo.
Lukashenko was speaking at a special assembly to debate political reform, which his opponents have dismissed as a sham exercise to allow him to cling to power after months of protests since a contested election last August.