Oh, man. I only just bought a .by Belarus domain six months ago (as a vanity domain, my surname ends in 'by'). I hope it doesn't effect that.
I know it hurts to let a domain name go, especially if you're using it, but I urge you not to renew. That government doesn't deserve our money.
¹Let's face it, rent is the correct term.
Anyone who was happy with .ly should be happy with .by
If only the western governments held themselves to the same moral standards while considering financial support for the Belarusian regime.