**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

**FORM      10-QSB**

**For      the quarterly period ended September 30, 2007**

**Belarus      Capital Corp.**

| **Colorado**                                                 |   | **Applied                for**                         |
|--------------------------------------------------------------|--------|--------------------------------------------------------|
| (State                or other jurisdiction of organization) |   | (I.R.S.                Employer Identification Number) |

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| PART                  I. FINANCIAL INFORMATION |                                                                                                                                                                                                                                               |
|------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                           |                                                                                                                                                                                                                                               |
| Item                1.                         | Financial                Statements                                                                                                                                                                                                                |   |
|                                           |                                                                                                                                                                                                                                               |   |
|                                           | Balance                Sheet as of September 30, 2007 (Unaudited)                                                                                                                                                                                  | 1 |
|                                           |                                                                                                                                                                                                                                               |   |
|                                           | Statements                of Operations for the three and nine months ended September 30, 2007                and                2006 and cumulative from December 29, 2005 (inception) through September                30, 2007 (Unaudited)      | 2 |
|                                           |                                                                                                                                                                                                                                               |   |
|                                           | Statements                of Cash Flows for the nine months ended September 30, 2007 and 2006                and                cumulative from December 29, 2005 (inception) through September 30,                2007                (Unaudited) | 3 |
|                                           |                                                                                                                                                                                                                                               |   |
|                                           | Notes                to Unaudited Financial Statements                                                                                                                                                                                             | 4 |
|                                           |                                                                                                                                                                                                                                               |   |
| Item                2.                         | Management’s                Discussion and Analysis of Financial Condition or Plan of                Operations                                                                                                                              | 6 |
|                                           |                                                                                                                                                                                                                                               |   |
| Item                3.                         | Controls                and Procedures                                                                                                                                                                                                             | 7 |
|                                           |                                                                                                                                                                                                                                               |   |
|                                           |                                                                                                                                                                                                                                               |   |
| PART                II. OTHER INFORMATION      |                                                                                                                                                                                                                                               |
|                                           |                                                                                                                                                                                                                                               |   |
| Item                1.                         | Legal                Proceedings                                                                                                                                                                                                                   | 8 |
|                                           |                                                                                                                                                                                                                                               |   |
| Item                2.                         | Unregistered                Sales of Equity Securities and Use of Proceeds                                                                                                                                                                         | 8 |
|                                           |                                                                                                                                                                                                                                               |   |
| Item                3.                         | Defaults                Upon Senior Securities                                                                                                                                                                                                     | 8 |
|                                           |                                                                                                                                                                                                                                               |   |
| Item                4.                         | Submission                of Matters to a Vote of Security Holders                                                                                                                                                                                 | 8 |
|                                           |                                                                                                                                                                                                                                               |   |
| Item                5.                         | Other                Information                                                                                                                                                                                                                   | 8 |
|                                           |                                                                                                                                                                                                                                               |   |
| Item                6.                         | Exhibits                                                                                                                                                                                                                                           | 9 |
|                                           |                                                                                                                                                                                                                                               |   |
| Signatures                                     | 10                                                                                                                                                                                                                                                 |

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| BELARUS                  CAPITAL CORP.                                                                      |   |                           |   |
|-------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|
| (A                  Development Stage Company)                                                              |   |                           |   |
| Balance                  Sheet - Unaudited                                                                  |   |                           |   |
|                                                                                                        |   |                           |   |
|                                                                                                        |   | September                  30, |   |
|                                                                                                        |   | 2007                           |   |
| ASSETS                                                                                                      |   |                           |   |
|                                                                                                        |   |                           |   |
| Total                  assets                                                                               |   | $                              | -      |   |
|                                                                                                        |   |                           |   |   |
| LIABILITIES                  AND STOCKHOLDERS' EQUITY                                                       |   |                           |   |   |
|                                                                                                        |   |                           |   |   |
| Commitment                  and contingencies                                                               |   | $                              | -      |   |
|                                                                                                        |   |                           |   |   |
| Stockholders'                  equity:                                                                      |   |                           |   |   |
| Preferred                  stock, $0.001 par value,                                                         |   |                           |   |   |
| authorized                  20,000,000 shares, none issued                                                  |   | $                         | -      |   |
| Common                  stock, $0.001 par value,                                                            |   |                           |   |   |
| authorized                  100,000,000 shares, 5,000,000 issued and outstanding                            |   |                           | 5,000  |   |
| Additional                  paid-in capital                                                                 |   |                           | -      |   |
| Deficit                  accumulated during the development stage                                           |   |                           | (5,000 | ) |
|                                                                                                        |   |                           |   |   |
| Total                  stockholders' equity                                                                 |   |                           | -      |   |
|                                                                                                        |   |                           |   |   |
| TOTAL                  LIABILITIES AND STOCKHOLDERS' EQUITY                                                 |   | $                              | -      |   |
|                                                                                                        |   |                           |   |   |
|                                                                                                        |   |                           |   |   |
| The                  accompanying notes are an integral part of these financial                  statements |   |                           |   |   |
|                                                                                                        |   |                           |   |   |

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| BELARUS                  CAPITAL CORP.                                                                      |   |                                                                    |      |                                                                   |   |                                    |   |   |      |                          |   |
|-------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------|-----------|------------------------------------------------------------------------|--------|-----------------------------------------|--------|--------|-----------|-------------------------------|--------|
| (A                  Development Stage Company)                                                              |   |                                                                    |      |                                                                   |   |                                    |   |   |      |                          |   |
| Statements                  of Operations - Unaudited                                                       |   |                                                                    |      |                                                                   |   |                                    |   |   |      |                          |   |
|                                                                                                        |   |                                                                    |      |                                                                   |   |                                    |   |   |      | For                  the      |   |
|                                                                                                        |   |                                                                    |      |                                                                   |   |                                    |   |   |      | Period                  From  |   |
|                                                                                                        |   |                                                                    |      |                                                                   |   |                                    |   |   |      | December                  29, |   |
|                                                                                                        |   |                                                                    |      |                                                                   |   |                                    |   |   |      | 2005                          |   |
|                                                                                                        |   |                                                                    |      |                                                                   |   |                                    |   |   |      | (Inception)                   |   |
|                                                                                                        |   | Three                  Months EndedSeptember                  30,  |      | Nine                  Months EndedSeptember                  30,  |   | ThroughSeptember                    30, |   |
|                                                                                                        |   | 2006                                                                    |      | 2007                                                                   |   | 2006                                    |   | 2007   |      | 2007                          |   |
|                                                                                                        |   |                                                                    |      |                                                                   |   |                                    |   |   |      |                          |   |
| Revenue                                                                                                     |   | $                                                                       | -         |                                                                   | $      | -                                       |   | $      | -         |                          | $      | - |   | $ | - |   |
|                                                                                                        |   |                                                                    |      |                                                                   |   |                                    |   |   |      |                          |   |   |   |   |   |   |
| Expenses:                                                                                                   |   |                                                                    |      |                                                                   |   |                                    |   |   |      |                          |   |   |   |   |   |   |
| General                  and administrative                                                                 |   |                                                                    | -         |                                                                   |   | -                                       |   |   | -         |                          |   | - |   |   | 5,000 |   |
|                                                                                                        |   |                                                                    |      |                                                                   |   |                                    |   |   |      |                          |   |   |   |   |   |   |
| Total                  costs and expenses                                                                   |   |                                                                    | -         |                                                                   |   | -                                       |   |   | -         |                          |   | - |   |   | 5,000 |   |
|                                                                                                        |   |                                                                    |      |                                                                   |   |                                    |   |   |      |                          |   |   |   |   |   |   |
| Net                  loss                                                                                   |   | $                                                                       | -         |                                                                   | $      | -                                       |   | $      | -         |                          | $      | - |   | $ | (5,000 | ) |
|                                                                                                        |   |                                                                    |      |                                                                   |   |                                    |   |   |      |                          |   |   |   |   |   |   |
| Net                  loss per share:                                                                        |   |                                                                    |      |                                                                   |   |                                    |   |   |      |                          |   |   |   |   |   |   |
| Basic                  and diluted                                                                          |   | $                                                                       | -         |                                                                   | $      | -                                       |   | $      | -         |                          | $      | - |   |   |   |   |
|                                                                                                        |   |                                                                    |      |                                                                   |   |                                    |   |   |      |                          |   |   |   |   |   |   |
| Weighted                  average common shares outstanding:                                                |   |                                                                    |      |                                                                   |   |                                    |   |   |      |                          |   |   |   |   |   |   |
| Basic                  and diluted                                                                          |   |                                                                    | 5,000,000 |                                                                   |   | 5,000,000                               |   |   | 5,000,000 |                          |   | 5,000,000 |   |   |   |   |
|                                                                                                        |   |                                                                    |      |                                                                   |   |                                    |   |   |      |                          |   |   |   |   |   |   |
| The                  accompanying notes are an integral part of these financial                  statements |   |                                                                    |      |                                                                   |   |                                    |   |   |      |                          |   |   |   |   |   |   |

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| BELARUS                  CAPITAL CORP.                                                                      |   |                                             |   |                           |   |                          |   |
|-------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------|--------|--------------------------------|--------|-------------------------------|--------|
| (A                  Development Stage Company)                                                              |   |                                             |   |                           |   |                          |   |
| Statements                  of Cash Flows - Unaudited                                                       |   |                                             |   |                           |   |                          |   |
|                                                                                                        |   |                                             |   |                           |   |                          |   |
|                                                                                                        |   |                                             |   |                           |   | For                  the      |   |
|                                                                                                        |   |                                             |   |                           |   | Period                  From  |   |
|                                                                                                        |   |                                             |   |                           |   | December                  29, |   |
|                                                                                                        |   |                                             |   |                           |   | 2005                          |   |
|                                                                                                        |   |                                             |   |                           |   | (Inception)                   |   |
|                                                                                                        |   |                                             |   |                           |   | Through                       |   |
|                                                                                                        |   | Nine                  Months Ended September 30, |   | September                  30, |   |
|                                                                                                        |   | 2006                                             |   | 2007                           |   | 2007                          |   |
| Cash                  flows from operating activities:                                                      |   |                                             |   |                           |   |                          |   |
|                                                                                                        |   |                                             |   |                           |   |                          |   |
| Net                  loss                                                                                   |   | $                                                | -      |                           | $      | -                             |   | $ | (5,000 | ) |
| Shares                  issued in lieu of services                                                          |   |                                             | -      |                           |   | -                             |   |   | 5,000 |   |
|                                                                                                        |   |                                             |   |                           |   |                          |   |   |   |   |
| Net                  cash used in operating activities                                                      |   |                                             | -      |                           |   | -                             |   |   | - |   |
|                                                                                                        |   |                                             |   |                           |   |                          |   |   |   |   |
| Net                  increase in cash                                                                       |   |                                             | -      |                           |   | -                             |   |   | - |   |
| Cash                  - beginning of period                                                                 |   |                                             | -      |                           |   | -                             |   |   | - |   |
|                                                                                                        |   |                                             |   |                           |   |                          |   |   |   |   |
| Cash                  - end of period                                                                       |   | $                                                | -      |                           | $      | -                             |   | $ | - |   |
|                                                                                                        |   |                                             |   |                           |   |                          |   |   |   |   |
| The                  accompanying notes are an integral part of these financial                  statements |   |                                             |   |                           |   |                          |   |   |   |   |
|                                                                                                        |   |                                             |   |                           |   |                          |   |   |   |   |

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|  | - | Common                stock, $ 0.001 par value: 100,000,000 shares authorized; 5,000,000                shares issued and outstanding; |
|--|---|----------------------------------------------------------------------------------------------------------------------------------------|

|  | - | Preferred                stock, $ 0.001 par value: 20,000,000 shares authorized; none issued                and                outstanding. |
|--|---|---------------------------------------------------------------------------------------------------------------------------------------------|

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**SIGNATURES**

| By:   | /s/              Neil R. Roth |
|-----------------|-------------------------------|

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