OREANDA-NEWS. December 18, 2012. Belarusian president’s decree No.535 has considerably improved the conditions for export leasing in Belarus, reads the official of the Economy Ministry of Belarus.

The decree which will come into effect on January 2, 2013, was developed following the initiative of the Belarusian Union of Leasing Companies.

The decree eliminates contradictions between the national legislation and the Customs Code of the Customs Union, the ministry specified. It also facilitates payments connected with export agreements and specifies the conditions under which export leasing agreements can be terminated.

As previously reported, the Belarusian government suggested several amendments to present-day export leasing regulations. In particular, if a lessee turns out to be insolvent due to any reason and the insolvency has been confirmed by documents, the leased product may remain in the destination country without having to return to Belarus. The product may be re-leased or sold to save Belarus the trouble of covering transportation costs.

The novelty primarily targets machines and vehicles, which account for 64% of Belarus’ export leasing.