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You might want to look into how the .to names fared. I would think that this would be along the same lines.
The idea seems sound, but you also need to think about connection speeds and infrastructure(if .by names have to be hosted in Belarus).
You probably need to be careful about copyright and patent names also(microsoft, adobe etc.)
Please keep us posted on your progress.
e.g. when looking for some french perfume, customers would go to www.made.by/lancome/ to look through their products, and would not have to go to www.lancome.fr? .com? .net? or what it ends with...
go to www.made.by/lancome !!
here it goes.
so, If you have your company, would you pay some ??? bucks for www.made.by/YourCompany ?