On the actions of Fitch Ratings

Citigroup Global Markets Europe AG and Citibank, N.A., London Branch announced on 7 July, 2022 that they had suspended their operations as a Registrar, Fiscal, Paying and Transfer agent in respect of the Eurobonds of the Republic of Belarus within the framework of the sanctions imposed by the West against Belarus.

In this regard, the Ministry of Finance reiterates that in such circumstances is forced to choose alternative options for the implementation of obligations to holders of Eurobonds, as the situation is inherently force majeure. However, Fitch Ratings ignores these circumstances and the actual impossibility of Western settlement and clearing systems to fulfill in full their obligations to properly transfer funds to the holders of the Eurobonds of the Republic of Belarus.

In addition, Fitch Ratings ignored the detailed explanations and the reasoned request of the Ministry of Finance for a full and comprehensive analysis of the situation with the payments on the Eurobonds within the framework of the credit rating review of Belarus. In our opinion, these circumstances indicate a subjective approach of Fitch Ratings to the creditworthiness assessment of the Republic of Belarus.

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