ANNOUNCEMENT 10 Feb 2015

In February 2015, the government of Belarus announced a change in its trade finance instruments.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 10 Feb 2015 | Removal date: open ended

Trade finance

With Council of Ministers Decree No. 72 of 4 February 2015, the Government of the Republic of Belarus introduced new rules for its export promotion scheme "On measures for the sale of goods manufactured in the Republic of Belarus".

The purpose of this export promotion scheme is purchase by foreigners of Belarusian products of its machine building industry. Concretely, Decree No. 72 contains the following details:
 
(1) a list of made in Belarus goods by a list of Belarusian companies that are eligible under the present export promotion scheme. This information is contained in Annex No. 1 of Decree No. 72. Please note that the affected HS codes have been identified on the basis of this information. 

(2) a list of resident (located in Belarus) banks through the special accounts of which the Ministry of Finance of the Republic of Belarus is to transfer financial funds for the compensation of due interest rates, payable to non-resident (i.e. not located in Belarus) banks. This piece of information is contained inAnnex No. 2 of Decree No. 72.
 
(3) a list of resident (located in Belarus) banks through the special accounts of which the Ministry of Finance of the Republic of Belarus is to transfer financial funds for the compensation of due interest rates, payable to non-resident (i.e. not located in Belarus) leasing companies. This piece of information is contained in Annex No. 3 of Decree No. 72.
 
In this case, the distorted markets are the countries in which the lists of non-resident banks and leasing companies operate, notably: Armenia, Azerbaijan, Georgia, Kazakhstan, Russian Federation Serbia, Turkey, Turkmenistan, Ukraine, and Uzbekistan. 
 
Decree No. 72 entered into force on the date of its official publication, 10 February 2015.