A group of Belarusian government bond holders, including eight individuals and five companies, notified the Belarusian Ministry of Finance of a possible default on five Eurobond issues (Belarus 2023, Belarus 2026, Belarus 2027, Belarus 2030 and Belarus 2031), with a total value of $178 million out of a total of approximately $3,25 billion. Investors are considering the possibility of filing a claim with the London Court of International Arbitration (LCIA) to recover payments on these bonds from Belarus.

Since 2022, direct payments on bonds for Russian investors have been suspended, but at the end of 2023 payments resumed under a new mechanism, which applies only to the Belarus 2023 issue and holders of bonds purchased before September 6, 2022.

Investors expressed the opinion that Belarus' default on Eurobonds is the result of the failure of the Council of Ministers and the National Bank of Belarus to fulfill their obligations to repay them and pay interest coupons. They also believe that the new payment mechanism is discriminatory and infringes on the interests of holders of securities acquired after September 6, 2022.

In case of failure to fulfill obligations, bondholders are considering the possibility of filing a claim in the London Court of International Arbitration or an arbitration court in Russia.