Dividends to non-residents from “unfriendly” states: restrictions on payment

Since 20 April 2024, Belarus has applied a restrictive measure to dividend payments to foreign owners from “unfriendly” states. Following regulatory changes introduced in July 2025, such dividend payments are now subject to an approval procedure.

REVERA has prepared a practical checklist to help you quickly determine whether the restrictions apply to a particular owner, what approval is required, and what should be taken into account when preparing the payment.

The checklist covers:

• who is subject to the restrictive measure and what exceptions apply;
• when approval is required for a dividend payment;
• what criteria apply where the amount of dividends is up to or exceeds 20,000 base values;
• what documents need to be prepared and how long the application review takes;
• how the payment is processed through a bank and when special accounts are used.

The checklist will be useful for Belarusian companies with foreign participants, as well as for owners, finance teams and legal teams planning the distribution and payment of dividends.