Message to Partner Financial Institutions

Press office.

Non-application of OFAC sanctions to Belgazprombank (“Bank)

Message to Partner Financial Institutions

Dear Colleagues,

The reference is made to the publication issued that on 16.07.2014 Gazprombank (Open Joint - stock Company) (“GPB (OJSC)) was included by Treasury's Office of Foreign Assets Control (“OFAC) on the Sectoral Sanctions Identifications List of persons involved in the situation in the Ukraine, and to specific prohibitions introduced under E.O. 13662, Directive 1 for US persons against transacting in, providing financing for, or otherwise dealing in debt with a maturity of longer than 90 days or new equity for such sanctioned persons, their property, or their interests in property. In view of the foregoing the relevant questions may arise regarding the extension of the introduced sanctions to the persons affiliated with GPB (OJSC).

As per the guidance further issued by OFAC on the same date on its official website the prohibitions under E.O. 13662 also extend to debt and equity issued by entities owned 50 pct or more by the entities identified under Directive 1. In this connection and for the avoidance of doubt Belgazprombank deems it necessary to inform you that as of the date of this letter:

1. The direct shareholding of GPB (OJSC) in the authorized equity of Belgazprombank is 49.66 percent. The total indirect shareholding of GPB (OJSC) through its own investments and investments of its associated entities in the authorized equities of the other shareholders of Belgazprombank amounts to 0.013 percent. Thus, the total amount of direct and indirect shareholding of GPB (OJSC) in the authorized equity of Belgazprombank is under 50 percent. Also Belgazprombank represents and confirms that there are no any pending changes in the ownership structure of the Bank which may result in or be construed as the extension of E.O. 13662, Directive 1 to the Bank.

2. The number of GPB (OJSC) representatives in the Board of Directors operating as the permanent governing body of Belgazprombank is 4 persons. The total membership of the Board of Directors is 11 persons including 2 independent Directors, 4 representatives of OAO Gazprom and 1 representative of minority shareholders. In accordance with the paragraph No. 96 of the Charter of Belgazprombank the decisions of the Board of Directors shall be endorsed by at least a two-third majority. As a result, GPB (OJSC) has no majority vote in the decisions of the Board of Directors of Belgazprombank.

3. Within the meaning of E.O. 13662, Directive 1 the Bank does not conduct any business on behalf of or for the benefit of GPB (OJSC).


Please do not hesitate to contact Belgazprombank directly for any additional information required.

Yours sincerely,

Kiryl G. Badzei

Deputy Chairman of the Management Board

On December 16, 2014 Belgazprombank and Commerzbank AG signed the Basic Loan Agreement which gives Belgazprombank an access to long-term financing provided by the German bank under coverage of export credit agencies.

On December 19, 2014 Belgazprombank opened a correspondent account in Chinese yuans with Bank of China. Earlier, in September this year Belgazprombank opened correspondent accounts in Chinese yuans and US dollars in another Chinese bank, Agricultural Bank of China. 

Press office.

Belgazprombank was honored by Commerzbank AG with a Trade Award 2013 for high results in foreign trade financing achieved in cooperation with the German bank in 2013. This prize presented in Belarus for the first time also witnesses the recognition by the German bank of the high quality of trade finance services provided by Belgazprombank to its customers.

Belgazprombank received the Gold Award of the Banking Association for Central and Eastern Europe (BACEE) in the annual report competition.

On October 7, the Lithuanian Art Museum hosted the media preview and presentation of a documentary and educational television project “Belarus-Born Artists of the School of Paris. It was dedicated to the beginning of broadcasting on the Lithuanian television of the TV series of the same name consisting of 7 films.

IV International Theatre Forum TEART will take place in Minsk from September 27 to October 22, 2014. The audience will see 21 performancesin two programmes – international and additional off-programme “Belarus Open. Organisers of the forum are ART Corporation Visual and Performing Arts Centre and Belgazprombank OJSC, with the support of the Ministry of Culture of the Republic of Belarus.General partner is Gazprom Transgaz Belarus OJSC.

On August 28, 2014 Belgazprombank and Eurasian Development Bank (EDB) signed the USD 10 million loan agreement with five years of maturity. This is the first project committed by EBD under its new Programme on development of agricultural sector adopted in 2013.

On April 18, within the framework of the official visit to the Republic of Belarus, Director General of the United Nations Educational, Scientific and Cultural Organization (UNESCO) Irina Bokova visited the National Art Museum of the Republic Belarus.

Press office.

Such a great event – the exhibition ‘Ten centuries of Art in Belarus’ happens in our country once in a thousand years – told Uladzimir Prakaptsoŭ, the General Director of the National Art Museum at the official opening of this event.

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