The Ban on Currency Pegging in Lease Agreements Remains in Effect January 10, 2025
Until December 31, 2024, landlords were temporarily prohibited from setting rent payments in amounts equivalent to a specific sum in foreign currency or notional (calculated) monetary units (such as "Special Drawing Rights," etc.). As of January 10, there has been no official extension of this ban.
In response to multiple client inquiries, we are publishing a commentary from Alexander Antonov, Counsel at REVERA Belarus:
"As of January 10, 2025, the ban has not been officially extended. However, on the same day, the House of Representatives passed the draft law 'On Consumer Credit and Consumer Microloans' in its second reading. Among other provisions, this draft law introduces amendments to the Civil Code, including a requirement that lease payments (except for financial lease agreements) must be determined exclusively in Belarusian rubles. We expect that the draft law will soon be approved by the Council of the Republic, signed by the President, and officially published. Therefore, we recommend that landlords and tenants proceed with negotiations based on the assumption that the ban on foreign currency-pegged rent has been continuously in effect since September 2022, including at present.Author: Alexander Antonov
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