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Source: National Bank of the Republic of Belarus –

With a view to protecting the interests of depositors and creditors of the Belorussian-Russian Belgazprombank Joint Stock (Belgazprombank) and preventing worsening of its financial state, the decision to introduce a temporary administration at Belgazprombank since June 15, 2020 was taken by Resolution of the Board of the National Bank of the Republic of Belarus No.192 dated June 14, 2020.

This measure was taken based on Articles 94, 97, 134, 1341 of the Banking Code of the Republic of Belarus, taking into account information of the State Control Committee on the initiation by Financial Investigations Department of the State Control Committee of criminal proceedings under part 3 of Article 235 “Legalization (“Laundering”) of Illegally Acquired Proceeds” and part 2 of Article 243 “Tax Evasion” of the Criminal Code of the Republic of Belarus against officials of Belgazprombank.

Ms. Nadezhda Ermakova was appointed the Head of the Temporary Administration at Belgazprombank. The authorities of the Board of Belgazprombank were suspended for the period of activity of the temporary administration.

In line with the decision taken by the Board of the National Bank, a stable functioning of Belgazprombank and continuity of its operations involving provision of banking services and meeting liabilities to depositors and creditors will be ensured. The National Bank will render corresponding assistance to Belgazprombank if need.

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