Belarus on stop list for Austrian business?

Dealing between Austrian business and Belarusian companies has been taken under special control by banks and insurance companies due to the currency crisis.

A lot of Austrian and European firms were notified about this in a letter. It means in practice that deliveries to Belarus will be stopped.

“Dear Madams and Sirs, Belarus has suffered heavy losses in the country’s foreign reserves in the last few months and has tightened measures concerning foreign exchange operations. Therefore, we ask for your understanding that from now on deliveries to Belarusian buyers can only be insured by our prior consent. Please provide us with the information on unpaid invoices of your Belarusian buyers,” the letter posted by blogger joeck_12 says.

“Let me explain. This is a catastrophe for Belarus. This is a sign of a very bad political and economic situation and the lowest business risk rate. Such measures have been applied only to Ecuador, Uganda, Libya, and Algeria (however, letters of credit can be insured for the latter). Now, Côte d'Ivoire (due to the recent events) and Belarus have joined this honourable company. Belarus is the first European country on the stop list,“ the blogger explains why the situation is so serious.