On October 6, 2022, the Resolution of the Council of Ministers of the Republic of Belarus No. 669 "On temporary measures to stabilize prices" was adopted (entered into force from the moment of adoption), according to which a number of restrictions are imposed on the formation of prices on the territory of Belarus.

Who is covered by the Resolution?

Any legal entity, individual entrepreneur engaged in the production, import and (or) sale of goods to the domestic market, as well as providing services on the territory of the Republic of Belarus.

The Resolution does not apply to legal entities included in the register of owners of duty-free shops for their sale in such stores.

! The established rules do not regulate who acts as a consumer – an individual or a legal entity.

What restrictions are being imposed?

- The price of goods and services should be fixed on October 5, 2022. There is a question about fixing prices in relation to goods, services rendered in foreign currency or linked to currency clauses. There is no indication in the resolution that price fixing should be carried out in Belarusian rubles. We can assume the permissibility of such fixation in a foreign currency with the subsequent use of the ruble equivalent at the exchange rate on a certain date. Such an approach, in our opinion, will ensure the economic feasibility of fixed prices for a long-term period.

- An increase in prices (tariffs) as a result of the cancellation of events aimed at promoting goods (services) (promotions, discounts, sales, etc.) is not allowed.

- Re-evaluation by retail trade entities of the remaining goods to the level of prices for the newly received assortment of such goods is not carried out.

- If, before October 6, 2022, the pricing of goods (services) was not carried out (goods were not imported, were not sold, services were not provided) in the Republic of Belarus, as a general rule, legal entities (specially allocated farms) are obliged to coordinate the price with the relevant Regional Executive Committee (Minsk City Executive Committee) at the place of state registration. The approval of the price increase is allowed when justifying the economic feasibility of such an increase (the criteria are not set) and is issued in the form of a decision of the state body on such approval.

What are the consequences of violating the established restrictions?

According to Resolution No. 669, the Ministry of Antimonopoly Regulation and Trade, republican public administration bodies, regional executive committees and the Minsk City Executive Committee monitor the implementation of the Resolution and have the right to suspend the operation of facilities, the validity of special permits (licenses) in case of violation of the requirements established by the Resolution.

At the same time, the application of other sanctions is not excluded.

The validity period of the imposed restrictions?

Not limited (until a special decision of the Government).

UPD: 15 days later, the Resolution of the Council of Ministers of the Republic of Belarus No. 669 dated 06.10.2022 "On temporary measures to stabilize prices" ceased to be effective from 20.10.2022 in connection with the adoption of the Resolution of the Council of Ministers of the Republic of Belarus dated October 19, 2022 No. 713 "On the price regulation system".