As Euromoney went to press there was widespread speculation that Belarus would be forced to devalue the rouble for the second time in as many years, amid a spiralling current account deficit and dwindling FX reserves.
Russian financial assistance is likely to play a key role in Belarus avoiding devaluation and a possible sovereign debt default. However, any funding from Moscow is likely to come with strings attached and might lead to prize Belarusian assets falling into Russian hands.
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