At the end of 2024, Belarusian banks issued loans to Russian companies worth at least $500 million. This policy of Belarusian banks is leading to a shortage of credit resources for their own national companies and limiting investment in the country's economy.
This was reported by the Ukrainian Foreign Intelligence Service.
Russian companies find it advantageous to take loans from Belarusian banks. The reason is simple — a significant difference in central bank interest rates: 21% in Russia compared to 9.5% in Belarus. Additionally, the difference in interest rates between Belarus and Russia (about 17% versus 27% for loans, and 11% versus 21% for deposits) allows them to profit from the disparity. Some Russian companies use this scheme: they take loans from Belarusian banks at 17% and place the funds in Russian banks at 21%, earning from the difference between the loan and deposit interest rates.
Thus, Belarusian banks are effectively financing the Russian economy, including in its war against Ukraine, contributing to a decrease in liquidity in their own banking system; accelerating inflation and reducing the potential of the Belarusian economy.
