Introducing depositary receipts without changing investment climate is unlikely to improve investments in Belarus

Presidential Decree No 84 of March 3^rd, 2016 has enabled open joint-stock companies to transfer up to 25% of their shares to foreign companies in order to issue depositary receipts for further sales on trading platforms. This decree aims to bring financial resources from foreign markets in order to fund some enterprises experiencing financial problems. However, due to constant government’s interference with JSC activities even after the sale of state-owned shares, sales of depositary receipts are likely to be rare. The most profitable enterprises are unlikely to resort to this financial instrument. Until the state changes its attitude to private ownership, investment is unlikely to boost in Belarus. In addition, a significant bureaucracy complicates starting a business in Belarus at different stages.