Russia and Belarus signed an agreement on mutual recognition of bank guarantees for public procurement
On September 28, 2023, an agreement was signed between the Government of the Russian Federation and the Government of the Republic of Belarus on mutual recognition of bank guarantees in the implementation of state (municipal) procurement.
On the Russian side, the agreement was signed by Finance Minister Anton Siluanov, on the Belarusian side - by Minister of Antimonopoly Regulation and Trade Alexey Bogdanov.
The agreement will make it possible to consolidate the already proven mechanism within the framework of a pilot project on the participation of Belarusian banks in public procurement in Russia on a permanent basis and create a solid foundation for further building a single financial market of the two countries within the framework of the Union State.
The preparation of the intergovernmental agreement has been carried out by the departments since the beginning of 2020.
The main goal is unhindered access to participation in state (municipal) procurement both in the Russian Federation and in the Republic of Belarus.
As part of the pilot project launched in May 2022 with a deadline until the end of 2023, most technical and regulatory issues have already been resolved. 7 Belarusian banks take part in it.
During the implementation of the pilot project, 50 bank guarantees were issued in the amount of over 1 billion Russian rubles.
For reference:
All banks participating in the project meet the requirements for banks that have the right to issue guarantees for public procurement purposes.
Authorized persons of banks have been issued electronic signatures and provided access to the unified information system of public procurement.
The Ministry of Finance of the Russian Federation has included participating banks in the list of banks that have the right to issue bank guarantees to ensure state (municipal) purchases.