Reciprocity is required for a foreign investor to engage in in banking activities.
"CHAPTER 11 - SPECIFIC FEATURES OF CREATION AND ACTIVITIE OF A BANK FOUNDERS (SHAREHOLDERS) OF WHICH ARE FOREIGN INVESTORS. REPRESENTATIVE OFFICE OF A FOREIGN BANK IN THE TERRITORY OF THE REPUBLIC OF BELARUS. SPECIFIC FEATURES OF ESTABLISHMENT OF SUBSIDIARY BANKS, OF OPENING AFFILIATES AND REPRESENTATIVE OFFICES OF RESIDENT BANKS OUTSIDE THE REPUBLIC OF BELARUS PARTICIPATION OF BANKS-RESIDENTS IN AUTHORIZED FUNDS OF FOREIGN BANKS [...]
Article 90. Additional requirements made for creation and activities of banks in the Republic of Belarus, the founders (shareholders) of which are foreign investors
The amount (quota) of foreign capital participation in the banking system of the Republic of Belarus is established by the National Bank as agreed with the President of the Republic of Belarus. The said quota is calculated as a ratio of the total capital belonging to non-residents in the authorized funds of banks the founders (shareholders) of which are foreign investors to the aggregate authorized fund of banks registered in the Republic of Belarus.
The National Bank shall cease state registration of banks the founders (shareholders) of which are foreign investors once the established amount (quota) of foreign capital participation in the banking system of the Republic of Belarus is reached. [...]
The National Bank is entitled to prohibit increase of the authorized fund of a bank the founders (shareholders) of which are foreign investors at the expense of means of non-residents and/or alienation of shares in favour of non-residents if, as a result of such actions, the rate (quota) of foreign capital participation in the banking system of the Republic of Belarus will be exceeded.
The Government of the Republic of Belarus, on the proposal of the National Bank, is entitled to impose restrictions on banks the founders (shareholders) of which are foreign investors on carrying out banking operations if similar restrictions are applied with regard to activities of banks with investments of citizens of the Republic of Belarus and/or legal persons of the Republic of Belarus in respective foreign states [...]" (Banking Code of the Republic of Belarus of 25.10.2000 № 441-Z)
Code: Banking Code of the Republic of Belarus of 25.10.2000 № 441-Z
Resolution of the Board of the National Bank of the Republic of Belarus of September 1, 2008 No. 129 [google translated]
[<a href="http://www.law.by/document/?guid=3871&p0=Hk0000441e">Code</a>]