US Department of State Accepts Arguments of JSC "Beltechexport"

MINSK, Belarus, May 29, 2013 /PRNewswire/ --

On 24 May 2013 the US Department of State in its website (http://www.state.gov) has officially announced that the sanctions in relation to Belarusian company JSC "Beltechexport" have ended.

Earlier, on 14 July 2010, the US Department of State imposed sanctions on JSC "Beltechexport" according to Iran, North Korea, and Syria Nonproliferation Act (INKSNA) and extended the validity of sancitons in May 2011.

After the imposition of sanctions the management and the shareholders of JSC "Beltechexport" have activelly started defending the reputation of the company. Within the framework of official submissions to the respective US authorities by the largest European and US law firms, JSC "Beltechexport" also has cooperated with the most competent experts of international and national regulations on trade in dual use goods. The pool of experts included top ranking international consultancy KPMG, which has carried out comprehensive analysis and audit of the commercial activities of JSC "Beltexeport" and concluded their conformity with the applicable regulations.

On 1 July 2012 JSC "Beltechexport" has submitted official request to the US Department of State accompanied with all relevant documents and expertise. The high rank analysis in the Department of State of the submissions of JSC "Beltechexport" resulted into a dialogue and invitation of company representatives to the headquarters in Washington. On 4 April 2013 the first ever meeting between the representatives of a Belarusian company with the director of Office of Missile, Biological, and Chemical Nonproliferation took place. In the meeting JSC "Beltechexport" reaffirmed the strong commitment of the company to strictly follow all the applicable international and national regulations on trade in dual use goods and to annually audit its activities with the assistance of internationally acknowledged auditors such as KPMG. Finally on 24 May 2013 the US sanctions in relation to JSC "Beltechexport" were officially terminated.

SOURCE Beltechexport JSC