Changes to the Civil Code: relevant already yesterday

On November 18, 2023, the Law of the Republic of Belarus of November 13, 2023 No. 312-Z “On Amendments to Codes” was officially published, introducing numerous changes and additions to the Civil Code of the Republic of Belarus and accompanying changes to the Labor Code, Banking Code, Housing Code.

As a general rule, innovations in codes will come into force one year after the official publication of the Law, that is, November 19, 2024.

Exception: certain provisions regarding the legal regulation of rental relations and free use, which came into force on November 19, 2023. Read more about this in our publication.

Changes in the procedure for alienation of assets by persons from "unfriendly" states

On October 22, 2023 the provisions of Edict of the President of the Republic of Belarus No. 326 of October 19, 2023 (hereinafter - Edict No. 326) come into force.

Edict No. 326 establishes new rules - alienation of assets (shares in authorized capital, shares, real estate) by persons from "unfriendly" states (hereinafter - foreign persons), - withdrawal of a foreign person from the membership of participants, - reorganization of legal entities whose participants are foreign persons.

On restrictions on the use of dividends by foreign participants

Edict of the President No. 285 of September 13, 2023 "On Special Accounts" regulates the procedure for receipt of distributed profits (dividends) by foreign participants when applying special restrictive measures. Restrictions on the use of funds in special accounts have been introduced.

Effective date – September 16, 2023.

Important: Edict No. 285 determines the procedure for the functioning of special accounts opened in case of application of a special restrictive measure. Such a special restrictive measure is introduced by a decision of the Council of Ministers of Belarus in the form of Resolution.

Read more about it in our publication.