Authorities to repay debt to U.S. Commodity Credit Corporation in Belarusian rubels

November 22, BPN. The Belarusian government has blacklisted the Commodity Credit Corporation (CCC) as an “unfriendly creditor” and intends to repay its debts to the CCC in Belarusian currency, according to a joint directive by the National Bank and the Council of Ministers dated November 21.

The CCC is a U.S. government financial corporation authorized to buy, sell, lend, make payments to increase production, stabilize prices, ensure sufficient supplies and facilitate the efficient marketing of agricultural products.

The directive has entered into force after its publication on the National Legal Internet Portal.

Earlier, Belarus blacklisted the International Bank for Reconstruction and Development, the European Bank for Reconstruction and Development, and the Nordic Investment Bank.

In April 2022, Belarusian government and the National Bank issued a joint directive authorizing Belarusian entities to repay their debts in Belarusian currency to creditors associated with unfriendly countries.

On June 28, the government announced that it will service Belarus’ foreign debt in Belarusian rubels. The move prompted Fitch and Moody’s to downgrade Belarus’ credit rating: the former classified it as “restricted default” and the latter as default.