Since 2014, foreign investment in mass media companies, comprising radio and TV broadcasting, as well as printed media, cannot exceeed 20% of their authorised capital. Previously, foreign investment could not exceed 30% of the authorised capital.
"CHAPTER 1 - GENERAL PROVISIONS
Article 1. Basic terms used in this Law and their definitions [...]
2. Type of mass media - a newspaper, magazine, bulletin, radio, television, video, newsreel program, online publication, other set of information messages and (or) materials (transmissions) of a periodic nature and intended for an indefinite circle of persons . [...]
26. A legal entity entrusted with the functions of the editorial office of a mass media is a legal entity of the Republic of Belarus that produces and issues a mass media on the basis of a decision of the founder (founders) of the mass media (hereinafter referred to as the decision on the editorial office of the mass media) or, if the specified legal entity is not the founder of the mass media or is one of the co-founders, on the basis of an agreement between this legal entity and the founder (founders) of the mass media (hereinafter referred to as the agreement on the editorial office of the mass media).
[...]
Article 8. Financing of the media
1. Sources of financing the media may be funds of the founder (s), funds of the republican and local budgets, as well as other sources not prohibited by the legislation of the Republic of Belarus.
2. It is forbidden to receive money and other property in order to finance the media from:
2.1. foreign legal entities, foreign citizens and stateless persons who do not permanently reside in the territory of the Republic of Belarus, with the exception of cases of participation of these persons in the authorized capital of a legal entity that is entrusted with the functions of the media editorial office, as well as other cases provided for by legislative acts of the Republic of Belarus;
[...]
CHAPTER 2 - PROCEDURE FOR ESTABLISHMENT AND STATE REGISTRATION (RE-REGISTRATION) OF MASS MEDIA
Section 10. Establishment of Mass Media
1. Individuals, state bodies, political parties, other public associations, other legal entities, with the exception of those listed in subparagraphs 3.5 and 3.6 of paragraph 3 of this article, establish mass media in the manner and on the terms established by this Law and other legislative acts of the Republic Belarus.
2. Excluded.
3. The following may not act as a founder of a mass media:
3.1. an individual who has not reached the age of eighteen years, with the exception of cases when, in accordance with the civil legislation of the Republic of Belarus, a minor acquires full legal capacity before reaching the age of eighteen;
3.2. an individual serving a sentence by a court verdict or declared legally incompetent by a court decision;
3.3. an individual who previously acted as the founder of the mass media, the release of which was discontinued on the grounds provided for in paragraph 2 of Article 51 of this Law, - within three years from the date of entry into force of a court decision to terminate the release of the mass media;
3.4. an individual who is deprived of the right to engage in activities related to the production and release of mass media in the prescribed manner;
3.5. a foreign legal entity, as well as a foreign citizen and a stateless person;
3.6. a legal entity whose shares in the authorized capital of 20% or more directly or indirectly (through other organizations and (or) individuals) are owned individually or collectively by a foreign state, foreign and (or) international legal a person (organization that is not a legal entity), a foreign citizen, a stateless person, with the exception of cases when the founders of such a legal entity are foreign states together with the Republic of Belarus.
[...]
Article 15. Grounds for refusal of state registration (re-registration) of mass media
1. The grounds for refusal of state registration (re-registration) of the mass media are: 
1.1. non-compliance with the requirements provided for in paragraph 3 of Article 10 of this Law; [...]
1.5. the assignment of the functions of the media editorial office to a legal entity - a commercial organization, whose shares, shares (stakes) in the authorized capital of which are at least 20 percent directly or indirectly (through other organizations and (or) individuals) are individually or collectively owned foreign state, foreign and (or) international legal entity (organization that is not a legal entity), foreign citizen, stateless person, legal entity, share of foreign participation in the authorized capital of which constitutes 20% or more, with the exception of cases when the founders of such a commercial organization are foreign states together with the Republic of Belarus; [as amended by Law of the Republic of Belarus of December 20, 2014 No. 213-Z)
1.6. the assignment of the functions of the media editorial office to a legal entity - a non-profit organization, 20% or more of the founders (participants, members) of which are a foreign state, a foreign and (or) international legal entity (an organization that is not a legal entity), a foreign citizen, a person without citizenship, with the exception of cases when the founders of such a non-profit organization are foreign states together with the Republic of Belarus; [as amended by Law of the Republic of Belarus of December 20, 2014 No. 213-Z)
1.7.  appointment as editor-in-chief of a mass media outlet of a person who does not meet the requirement provided for in paragraph 1 1 of Article 31 of this Law;
1.8. assigning the functions of the media editorial office to a person who is not a legal entity of the Republic of Belarus;
[...]
Article 31
1. The editor-in-chief of a mass media may be the head of the legal entity entrusted with the functions of the editorial office of the mass media, or a person authorized by him, carrying out his professional activities in accordance with the Constitution of the Republic of Belarus, this Law and other acts of legislation.
1 1 . The editor-in-chief of a mass medium cannot be individuals specified in  subparagraphs 3.1–3.6 of paragraph 3 of Article 10 of this Law.
2. The editor-in-chief of the media makes the final decision regarding the production and release of the media.
3. The editor-in-chief of the media is responsible for compliance with the requirements for the activities of the media by this Law and other legislative acts.
Article 32
News agencies, as well as the mass media established by them, shall be registered in accordance with the procedure provided for by Articles 11-13 of this Law for mass media.[...]" (Law of the Republic of Belarus No. 427-Z of 17 July 2008 about the media, as amended [google translated])
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"Article 15. Grounds for Refusal of State Registration of Mass Medium
The grounds to refuse in the state registration of a mass media shall be:
non-observance of the requirements envisaged by clause 2 and 3 of Article 10 of the present Law;
untruthfulness of the data specified in the application for the state registration of the mass medium;
the title or specialization (topics) of the mass medium is in contradiction with requirements of Article 38 of the present Law;
availability in the State Register of Mass Media of a mass medium with the same title;
entrusting functions of the editorial board of the mass media to the legal person (non- commercial organization) in the fund of those the share of foreign investment shall be 30 and more percents;
entrusting with functions of the editorial board of a mass media to the legal person (non-commercial organization), 30 and more percent of founders (participants, members) of which are foreign legal persons, foreign citizens and/or stateless persons which do not reside permanently in the territory of the Republic of Belarus.
A notice about refusal of state registration of the mass medium shall be directed to the applicant in writing within ten days from the day of taking the decision with indication of the grounds for the refusal, but not later than a month from the day of receipt of the document envisaged by Article 12 of the present Law." (Law of the Republic of Belarus No. 427-Z of 17 July 2008 about the media [original text] [google translated]))
Law of the Republic of Belarus No. 427-Z of 17 July 2008 the media, as amended [google translated]
Law of the Republic of Belarus No. 427-Z of 17 July 2008 about the media [original text]
[<a href="http://etalonline.by/document/?regnum=h10800427&q_id=1432122">Law</a>],[<a href="https://www.refworld.org/legal/legislation/natlegbod/2009/en/73685">Law</a>]