Government approves directive on administration for foreign-owned businesses

January 27, BPN. The Council of Ministers has approved a directive on temporary external administration for foreign-owned companies.

Regional as well as Minsk city authorities will compile lists of such companies and analyze their activities, says the directive published on the National Legal Internet Portal.

The directive comes as an attempt to slow the withdrawal of foreign businesses from Belarus over the country’s role in Russia’s invasion of Ukraine.

A company may be placed under temporary external administration if its owner terminates “participation in the management” or if he or she “performs economically unjustified actions” causing damage or leading to termination of activities, liquidation or bankruptcy.

The government adopted the directive in line with the law on foreign-owned companies’ temporary administration adopted by the National Assembly without much publicity in late December 2022.

The other two laws adopted in the same manner targeted the so-called “unfriendly” countries, legalizing piracy and “gray” imports and allowing for the seizure of property of companies and individuals who allegedly intend “to commit unfriendly acts” against Belarus, or have encouraged foreign states to take “unfriendly” actions.

All three laws took effect on January 6 after Alaksandr Łukašenka’s approval.