Lithuania's Financial Crime Investigation Service (FCIS) had seized the funds of the Belarusian company due to the sanctions against Rostec and its CEO Sergey Chemezov, the public broadcaster LRT reported.
Izovac Photonics director Vitali Khomich, a Belarusian national, said that the company had been mulling expansion in the European Union even before the rigged Belarusian presidential elections of August 2020.
“After long discussions about the expansion of the group and the establishment of a company in EU, we considered several jurisdictions and eventually chose Lithuania,” he added.
Lithuania’s Ministry of Economy and Innovation invited skilled Belarusian specialists and businesses to move to Lithuania in the wake of mass protests against the re-election of Alexander Lukashenko, Belarusian authoritarian leader.
According to the data from Invest Lithuania, 44 companies have moved to Lithuania from Belarus since then.