Russian banks can not publish info on risks, capital instruments for another quarter, must begin gradual disclosure of financials in 2023
MOSCOW. Sept 19 (Interfax) - The Central Bank of Russia (CBR) has extended the ban on banks disclosing certain information on publicly accessible resources for another quarter, the regulator said on its website.
The CBR board decided that banks will not disclose information about assumed risks, procedures for assessing them, and risk and capital management for the fourth quarter and second half of 2022 before January 1, 2023, as well as information about financial instruments included in the calculation of capital, including all conditions and duration of their issue, redemption, conversion and other transactions with them and material changes in these instruments.
The restriction on disclosure of banks' financial statements, as well as their individual elements will remain in place.
In addition, the CBR will not disclose banks' financial reporting on its official website for another quarter.
"The restrictions are being extended in order to minimize the consequences of current and potential sanctions for banks themselves, their clients and counterparties," the CBR said.
The CBR believes that banks will be able to begin to disclose financial statements and other information, with the exception of ownership structure, composition of management bodies and lists of controlling parties, in 2023.
It is proposed that banks initially disclose only a limited amount of information, but clients and the market will be able to assess their financial position based on this information. The CBR is now working out the level of detail in disclosures and the list of the most sensitive information that must not be disclosed, and will discuss this with the banking community at a later date.