Belarusian Chemicals Firm Grodno-Azot to Adopt Crypto Payments

Fazzaco learned that Grodno-Azot, a domestic Belarusian Chemicals firm, considers making payment in crypto. The firm has been subject to US sanctions, as its CEO, Igor Lyashenko, was added to the SDN(Specially Designated Nationals And Blocked Persons List ) list on August 9, 2021. The possible reason behind the move is to bypass barrier of US economic sanctions on Belarus.

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Grodno-Azot is an open joint-stock company, Belarusian state-run producer of nitrogen compounds and fertilizers located in Grodno, Belarus. And it owns over 7,000 employees. Dmitry Goroshko, Director-General for Economics and Finance at Grodno-Azot, instructed to assess the feasibility to make cryptocurrencies payments to ‘build a modern digital economy at the enterprise.’

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Moreover, Aleksandr Lukashenko, the Belarusian President, imprisoned several Grodno-Azot employees because they were suspicious that they were revealing how to bypass sanctions imposed by the international community. As of press time, the company didn’t disclose key info about the crypto plans to go ahead with the adoption to bypass such sanctions, which could align with the secrecy Lukashenko had been trying to guarantee about its economic plans according to his latest statements on state media.