11 May 2023 14:20

There are no plans to extend right of companies not to disclose information - Russian Central Bank

ST. PETERSBURG. May 11 (Interfax) - The Central Bank of Russia (CBR), the Finance Ministry and the Economic Development and Trade Ministry have reached an agreement on not extending the Russian government's resolution that permits companies until July 1, 2023, not to disclose sensitive information, Andrei Medvedev, director of the CBR's legal department, said during a session at the 11th St. Petersburg International Legal Forum (SPBILF).

"In conjunction with the Finance Ministry and the Economic Development and Trade Ministry, we have developed approaches and have reached an agreement that the current government resolution No. 351 will not be extended," Medvedev said at the SPBILF.

The Russian government has suspended until July 1, 2023, the mandatory disclosure of corporate information on the part of the issuers of securities because of the threat of expanding Western sanctions against Russian companies and citizens.

It became known in the spring of 2023 that the Finance Ministry was preparing a draft government resolution on the rules for issuers to disclose information regarding their respective activities. The document envisages, for various categories of domestic companies, unique lists of sensitive data that may not be disclosed owing to sanctions threats.