CBR to temporarily restrict disclosure of banks' financial results in order to minimize risk of sanctions

MOSCOW. March 6 (Interfax) - The Central Bank of Russia (CBR) has said in a statement that it will temporarily reduce the scope of financial results being disclosed by banks on their websites and the regulator's website in a bid to reduce the risk of sanctions.

Beginning from financial statements for February 2022, Russian banks are no longer obligated to publish their financial statements to the Russian Accounting Standards (RAS), both individual and consolidated. They will not make additional disclosures either, the CBR statement said.

However, lenders will still send these reports to CBR to allow it to effectively oversee their activities and analyze the banking sector. Banks will still be able, however, to disclose financial results to their counterparties as part of ordinary business processes, it said.

Russia's Sberbank , which has been targeted by Western sanctions, has already refused to disclose its February 2022 results to RAS, which were due to be published on March 5.

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