Belarusian bank freezes almost $30 mln in EPAM accounts

In March, a Belarusian bank froze almost $30 million in EPAM accounts. EPAM could only get it back in April. This follows from the quarterly report of the company presented to the U.S. Securities and Exchange Commission, writes devby.io.

It says that as of March 31, 2022, the company had $59.5 million and their equivalents in banks in Russia, $51 million in banks in Belarus and $28.3 million in banks in Ukraine.

"In addition, as of March 31, 2022, the company had an additional $28.9 million in a bank in Belarus, access to which was unavailable due to an administrative review by the bank.

These funds were provided to EPAM in full during April, and almost all of them were transferred to another bank in Belarus," reads the report.

The company does not disclose the bank in question.

EPAM also noted in the report that it had moved a large number of employees from Belarus and Russia and plans to move even more.

Since the start of Russia's war against Ukraine, the company has openly supported Ukraine.