Belarus stops prepayments

The latest regulation of the National Bank of Belarus affects imports into Belarus in so far that it forbids prepayments to foreign suppliers for already existing as well as for future supply contracts.

Transacting a prepayment can only be an exception and requires the presentation of several documents and the recommendation by the Council of Ministers of Belarus. Foreign trade agreements which have already been concluded must be adjusted correspondingly so that the terms of payment conform to the new regulation. The Austrian Federal Economic Chamber recommends Austrian suppliers to demand a letter of credit or a bank guarantee before delivery.