Łukašenka rails against facilitation of asset sales for foreigners

January 18, Pozirk. Alaksandar Łukašenka has urged officials to take immediate measures to stem a capital outflow from Belarus at today’s meeting with the Council of Ministers.

The Belarusian ruler was critical of the government’s proposals to facilitate property sales by foreigners from so-called “unfriendly” countries, citing reports of deliberate withdrawal of income from Belarus.

“Why do such precedents arise? In practice, restrictive measures should be taken without any hesitation. How do governors organize this work?” his press office quoted him as saying. “You [should be] primarily interested in investment and deficit-free budget.”

The conference came days after the government allowed owners from “unfriendly” countries to sell their Belarus-based assets with permission from the State Property Committee.

The regulation applies to companies in which foreigners from “unfriendly” countries hold a stake of 25 percent or more.

In November 2022, Łukašenka threatened to nationalize foreign-owned companies should they decide to leave Belarus over its complicity in the Russian full-scale invasion of Ukraine.

Earlier that year, the government compiled a list of Belarusian companies with owners from “unfriendly” countries, prohibiting them from selling their shares.

The original list included 190 entries and was reviewed several times later.

The ban targets foreign shareholders from countries that imposed sanctions on Belarusian individuals or entities, including Austria, Germany, Latvia, Lithuania, Italy, Poland, Spain, the United Kingdom and the United States.