According to a report in the Moscow Times, the Belarussian president, Alexander Lukashenko, has threatened to ban Baltika, along with every other Russian company, from investing in the country.

The dramatic warning comes amid a bitter wrangle over the investment by the Russian brewing concern, Baltika, in modernising a Belarussian brewery at Krinitsa. Baltika planned to invest some $50 million over two years in modernising the brewery after a specific undertaking from Lukashenko that it would be granted a controlling stake in return.

Having invested some $10 million and heard nothing from the government for two months, Baltika pulled the plug on the project in January and asked for its money back.