Lukashenko approves draft agreements with Russia, EAEU on recognition of bank guarantees

Belarus President Aleksandr Lukashenko has approved draft agreements with Russia and the Eurasian Economic Union (EAEU) member states on the mutual recognition of bank guarantees in the course of government (municipal) purchases as the basis for negotiations. The head of state signed the relevant decrees on 5 July, BelTA has learned.

These international agreements stipulate mechanisms for the mutual recognition of bank guarantees during purchases. They also determine requirements for guarantors and bank guarantees.

The signing of the agreement with Russia will allow Belarusian enterprises to use Belarusian bank guarantees in Russia. The consequent signing of the international agreement within the framework of the Eurasian Economic Union will allow Belarusian enterprises to do the same in other EAEU member states. It will facilitate the access of Belarusian commercial entities to government purchases in other countries and will reduce the cost of getting bank guarantees.

The Antimonopoly Regulation and Trade Ministry and the National Bank of the Republic of Belarus have been authorized to conduct negotiations on the draft agreements. The Antimonopoly Regulation and Trade Ministry has been authorized to sign the documents if the sides come to terms within limits of the approved drafts.

Written by belta.by