The Ministry of Finance proposed to extend the non-disclosure of financial statements for some companies

The Ministry of Finance and the Ministry of Economic Development of Russia proposed to the government to extend the permission to hide part of the data from reporting for some companies, reports Forbes with reference to a representative of the Ministry of Finance. The corporate disclosure suspension introduced in March 2022 expired on July 1.

A spokesman for the ministry said a draft regulation submitted to the government allows some companies to withhold certain (mostly non-financial) reporting. About which companies in question, it is not specified.

First Deputy Minister of Economic Development Ilya Torosov told Forbes that the document “will correlate the list of information to be closed with the grounds for its closure.” “In the current environment, in order to further develop the capital market and debt financing, optimal disclosure of information is necessary, but with the exception of sensitive data from the sanctions point of view,” he said.

In March 2022, the government suspended mandatory corporate disclosures by securities issuers until July 1, 2023. This decision was made because of the threat of expanding sanctions. Head of the Central Bank Elvira Nabiullina insisted on the return to the publication of corporate reporting with the withdrawal of data “on sensitive topics”.

Erdni Kagaltynov