OREANDA-NEWS. June 17, 2011. SORAINEN is the only law firm from abroad awarded by the Belarus Ministry of Justice yesterday with the title of best provider of legal services in 2010. Besides SORAINEN, five local law firms and six individual entrepreneurs were also recently recognised by the state.

According to Maksim Salahub, office managing partner with SORAINEN Belarus, the award reflects changes in the legal landscape over the past few years, especially foreign law firms setting foot in the market. "During previous years, only local law firms were recognised. This is the first time that an international company has been awarded – clear recognition of high service standards and excellent expertise that a foreign law firm can bring to Belarus," Salahub explains.

"During the last few months, the negative trade balance has been increasing rapidly and sovereign reserves have been melting fast. Access to foreign currency is now very difficult for importers and denied to the population, thus resulting in many import-dependent businesses being on the verge of bankruptcy. Similarly to the late 90s, there are multiple exchange rates for the Belarusian rouble. This all makes operating in the business sector very difficult. However, the Belarusian Government seems to realise how critical the situation is, and has published a list of measures aimed at overcoming the current crisis. This mainly includes budget cuts, price corrections, reduced subsidies to the economy and the population. Belarus is also prompted again to conduct massive privatisation in exchange for a USD 3 billion loan from the Russian-controlled Eurasian Development Fund," adds Salahub.

Law firm SORAINEN opened its office in Belarus in spring 2008, since when it has advised numerous international companies and organisations such as the International Finance Corporation, the European Fund for Southeast Europe, Algol Chemicals, the European Bank for Reconstruction and Development, Ingman Ice Cream and Bayer HealthCare Pharmaceuticals, including some of the first major privatisations.