Belarusian Bank Froze Almost $30 Million In EPAM Accounts

Later access to the funds was granted.

EPAM has published a detailed quarterly report for the US Securities and Exchange Commission. It contains interesting information about the company's work in Belarus. EPAM could not access its money ($28.9 million) in one of the Belarusian banks due to an “administrative check” until April. Furthermore, the company is intensively relocating its employees, according to dev.by.

The company has funds in some countries, including Russia, Ukraine and Belarus, which were affected due to the invasion of Ukraine. As of March 31, 2022, the company had $59.5 million and its equivalents in Russian banks, $51 million in Belarusian banks and $28.3 million in banks of Ukraine.

Moreover, as of March 31, 2022, the company had an additional $28.9 million in a bank of Belarus, which was not available due to an administrative check carried out by the bank.

“These funds were provided to EPAM in full during April, and almost all of them were transferred to another bank in Belarus,” the report says.

The name of the bank and the details of the administrative check were not disclosed. EPAM told dev.by that they "do not comment on aspects of the financial activity".

It is known that EPAM had $65.3 million in Belarusian banks in the fall of 2021.

The report also states that EPAM has started a plan to relocate employees from Ukraine, Belarus and Russia.

“We are looking forward to continuing our work in Belarus while Belarus-Specific Business Continuity Plans are being implemented. We have already relocated a significant number of our employees from Belarus and Russia. We believe that significantly more employees will be relocated outside these countries.”

EPAM also had problems with their clients because of the war.

In particular, "some of the clients have blocked Internet connections to Russia, Ukraine and Belarus in order to protect themselves from potential cyberattacks and other threats to information security". This has affected EPAM's ability to deliver functionality and services from these three countries.