From 2021, the Belarusian industrial giant - JSC BELAZ is on international sanctions lists as "a source of significant income for the Lukashenko regime and responsible for repression of civil society". (due to politically motivated persecution of employees).
Currently, sanctions are imposed on this company by the European Union, the USA, Canada, Ukraine, Switzerland, Norway, Albania, Iceland, Montenegro, North Macedonia and Liechtenstein. As a result, a number of foreign partners and banks refused to work with BELAZ.
According to BELPOLOne of the most pressing issues for JSC BELAZ are serious difficulties in making payments for the supplied products from Indian consumers. In particular - from the company "Coal India Limited." through a branch of a Russian bank { "WTB". India. In this regard, numerous meetings and negotiations with "partners" have been held by the administration of the enterprise and representatives of the regime since 2022.
The outcome of these efforts, taking into account the experience of the { "WTB". in working with Russian enterprises and expanding opportunities for financial transactions from of the Reserve Bank of India (including connection to systems PFMS и RTGS), resulted in concrete steps to circumvent the sanctions. After all, we are talking about an enterprise that is a personal "trough" for the Lukashenka family.
Here's what the diagram looks like:
- Indian bank of the company "Coal India Limited." transfers payment for delivered "BELAZ." products in Indian rupees to the correspondent account of the branch { "WTB". в Reserve Bank of India using the system RTGSbypassing intermediate correspondent banks. These funds are then converted into Russian roubles or used to purchase materials (raw materials) in India for JSC BELAZ or other Belarusian enterprises.
- Indian bank of the company "Coal India Limited." transfers funds in Indian rupees to a special VOSTRO account branch bank { "WTB".opened by the Belarus branch { "WTB". for JSC BELAZ. They are then converted into Russian rubles or used to purchase materials (raw materials) in India for JSC BELAZ or other Belarusian enterprises.
The issue of making payments under the above schemes through the branch is reportedly being worked out as a contingency option SBERBANK PJSC in India, with the prior consent of the company "Coal India Limited.".
In addition, in the conduct of international payments for JSC BELAZ leverage JSC "JSSB Belarusbank"with the help of which the September 2023 discovery was made VOSTRO account in an Indian bank "UCO Bank."The main problem, however, is not the lack of payment routes from India to Belarus. However, the main problem is not the lack of payment routes from India to Belarus, but the impossibility of making payments between an "Indian bank" and Indian branches { "WTB". и SBERBANK PJSC precisely in the interest JSC BELAZ. Indian banks such as. SBI, UCO, Indian Bank, Union Bank and others, refuse to make direct or indirect payments to the JSC BELAZ due to its being on sanctions lists, in particular the US OFAC list (SDN-list), especially after the of the Executive Order of the President of the United States dated December 22, 2023 (on imposing sanctions on financial structures assisting the Russian military-industrial complex). Experience { "WTB". и SBERBANK PJSC shows that payments to Russian and other sanctioned entities are only possible through intergovernmental protocols or special authorizations from India's Ministry of Finance.
In addressing the problem of international payments in the interests of JSC BELAZEven the so-called "Minister of Foreign Affairs of the Republic of Belarus" took part in the event Aleynik S.N. (now a former).
Thus, during his visit to India in March 2024, the following activities were accomplished:
- Negotiations were held with the management of the Ministry of Finance of India, and an agreement was reached to submit a petition signed by the Minister of Industry of the Republic of Belarus for authorization to Indian banks to make payments to the JSC BELAZ.
- A meeting of the management of the National Bank of the Republic of Belarus with representatives of the of the Reserve Bank of IndiaAn agreement has been reached to hold negotiations with "Coal India Limited." to coordinate payments to JSC BELAZ.
- A meeting was held with the management "Coal India Limited." on opening an account in a branch SBERBANK PJSC in India to make payments to JSC BELAZ.
Sanctions work, and they do create problems for the regime! And the rejection of these sanctions is not only support for the unconstitutional retention of power in Belarus, but also to help Russia in its war with Ukraine!
Zhyve Belarus!
