Grodno Azot to analyze possibility of cryptocurrency payments amid external sanctions
<p> MINSK, Sep 22 - PrimePress. Grodno Azot will analyze the possibility of making payments in cryptocurrency in order to build a modern digital economy at the enterprise, the company’s press service reports. </p> <p> </p> <p> Grodno Azot’s Vice CEO Dmitry Goroshko has been instructed to explore the possibility of payments in cryptocurrency “in order to build modern digital economy at the enterprise”. </p> <p> </p> <p> Cryptocurrencies have been legalised in Belarus since 2017, following the adoption of Decree No. 8 on the Development of the Digital Economy. </p> <p> </p> <p> As previously reported, the U.S. Department of the Treasury renewed sanctions against nine Belarusian petrochemical companies, including Grodno Azot, effective 3 June 2021. </p> <p> </p> <p> On 14 Sep 2021 during the presentation “Cooperation with Belarusian banks under sectoral sanctions”, Project Manager at Bank BelVEB’s Ecosystem Development Department, former Ambassador of Belarus to China Kirill Rudy voiced an opinion that the following trends are relevant for Belarus’ banking sector: settlements in national currencies, resumption of the SWAP Agreement between the central banks of Belarus and China for short-term trade financing, the use of blockchain, financial crypto-platforms. </p> <p> </p> <p> Grodno Azot was set up in 1963 and transformed into an open joint-stock company in 2002. The Belarusian government holds a 99.97% stake. </p> <p> </p> <p> Grodno Azot is Belarus’ main producer of liquid ammonia, nitrogen fertilizers, methanol, caprolactam, biodiesel fuel. </p> <p> </p> <p> OAO Grodno Azot’s ammonia capacity stands at 976,800 tonne per year, carbamide – 945,000 tonnes, nitrosol – 720,000 tonnes, ammonium sulphate – 319,000 tonnes, technical methanol – 80,000 tonnes, caprolactam – 121,200 tonnes, crystalline hydroxylamine sulfate – 3,300 tonnes, fatty acid methyl esters (biofuel) – 40,000 tonnes, highest quality carbon dioxide – 24,000 tonnes. </p> <p> </p> <p> Starting 3 June 2021 Grodno Azot has been under sanctions imposed by the U.S. Department of the Treasury. End </p> <p> </p>
2021-09-23
Primepress
Grodno Azot to analyze possibility of cryptocurrency payments amid external sanctions
MINSK, Sep 22 - PrimePress. Grodno Azot will analyze the possibility of making payments in cryptocurrency in order to build a modern digital economy at the enterprise, the company’s press service reports.
Grodno Azot’s Vice CEO Dmitry Goroshko has been instructed to explore the possibility of payments in cryptocurrency “in order to build modern digital economy at the enterprise”.
Cryptocurrencies have been legalised in Belarus since 2017, following the adoption of Decree No. 8 on the Development of the Digital Economy.
As previously reported, the U.S. Department of the Treasury renewed sanctions against nine Belarusian petrochemical companies, including Grodno Azot, effective 3 June 2021.
On 14 Sep 2021 during the presentation “Cooperation with Belarusian banks under sectoral sanctions”, Project Manager at Bank BelVEB’s Ecosystem Development Department, former Ambassador of Belarus to China Kirill Rudy voiced an opinion that the following trends are relevant for Belarus’ banking sector: settlements in national currencies, resumption of the SWAP Agreement between the central banks of Belarus and China for short-term trade financing, the use of blockchain, financial crypto-platforms.
Grodno Azot was set up in 1963 and transformed into an open joint-stock company in 2002. The Belarusian government holds a 99.97% stake.
Grodno Azot is Belarus’ main producer of liquid ammonia, nitrogen fertilizers, methanol, caprolactam, biodiesel fuel.
OAO Grodno Azot’s ammonia capacity stands at 976,800 tonne per year, carbamide – 945,000 tonnes, nitrosol – 720,000 tonnes, ammonium sulphate – 319,000 tonnes, technical methanol – 80,000 tonnes, caprolactam – 121,200 tonnes, crystalline hydroxylamine sulfate – 3,300 tonnes, fatty acid methyl esters (biofuel) – 40,000 tonnes, highest quality carbon dioxide – 24,000 tonnes.
Starting 3 June 2021 Grodno Azot has been under sanctions imposed by the U.S. Department of the Treasury. End