Business | Belarus - Expat Reporter

Will Belarus be able to buy American oil?

Information about the intention of the Belarusian Oil Company (BOC, special exporter of Belarusian oil products) to purchase American oil has caused a storm of emotions in the media environment. However, there is no sensation in this news.

The Belarusian ruble exchange rate has collapsed by almost 4%. What was that?

Ron Mitchell

Devaluation of the Belarusian ruble, which occurred in late August – early September, is likely to be caused by the actions of the National Bank and commercial banks, which decided to weaken the Belarusian currency in order to support exports. Could it happen again?

World Bank warns about recession in Belarus if Minsk fails to secure energy deal with Russia

Ron Mitchell

The World Bank revised Belarus’ growth down from 2.7% year-on-year to 2.2% y/y in 2019, from 2.5% y/y to 2.4% y/y in 2020 if Russia pays no tax maneuver compensation

S&P Global Affirms Belarus ‘B/B’ Rating as Economy Continues to Grow

Ron Mitchell

Standard & Poor’s (S&P), the world’s leading index provider and the foremost source of independent credit ratings, has published a new report for Belarus which forecasts that Belarus’ economy will grow by close to 2 percent in 2018.

Sergey Rumas, the prime minister of Belarus on Crossway18 forum in Minsk

BelarusCrossway’18 International Business Forum was held in Minsk

Susan Holmes

On November 29, 2018, the first international economic and investment forum “Crossroads of Belarus: Opportunities-Ideas-Innovations-Aspirations” (BelarusCrossway’18) was held in Minsk under the patronage of the Development Bank.

Rethmann-Gruppe Expands Business in Belarus

Michael Pike

In an effort to expand its operations in Belarus, SARIA, a subsidiary of the Rethmann-Gruppe, has filed a proposal to acquire privately-held shares of the Belynichskiy Protein Plant. If successful, the German company, which will produce bone flour and technical fats from organic raw materials derived from chickens, may also seek to acquire the state share of the Belynichskiy plant.

Belavia and AZAL Sign Agreement for Joint Operations

Susan Holmes

In October 2018, JSC Belavia and Azerbaijan Airlines (AZAL) signed a bilateral agreement for joint operations between the airlines (code-sharing) for Minsk-Baku beginning October 28, 2018. With the transition to the winter schedule, Belavia Airlines will increase its frequency of flights to Baku to four times per week.

Stadler Belarus Builds New Workshops, Increases Staff

Ron Mitchell

The manufacturer of trains and trams, Stadler Minsk, has begun construction on new buildings at its site in Fanipol. The capacity of the enterprise will double, and the number of its employees will increase by approximately 280 people. The company plans to double its capacity to three hundred cars per year.

Belarus is planning to tax foreign companies with Belarusian roots

Ron Mitchell

A foreign company can be recognized as Belarusian with serious financial consequences: they will be forced to pay taxes from all world incomes to the country’s budget. Such a provision is spelled out in the new edition of the Belarus Tax Code, which is to come into force on January 1, 2019.

More money and companies: IT industry is booming in Belarus

Ron Mitchell

Hi-Tech Park, a main technology hub in Belarus, declared it has the best half year results ever with export growth more than 40 per cent and huge increase in number of residents.