Rosseti plans to resolve issue on disclosing IFRS soon - CEO

VLADIVOSTOK. Sept 13 (Interfax) - PJSC Rosseti plans to resolve soon the matter on disclosing financial results to International Financial Reporting Standards, the Russian power grid holding's CEO, Andrei Ryumin, told reporters on the sidelines of the Eastern Economic Forum 2023.

"We have not yet disclosed figures to IFRS, though we are in communication with the Central Bank of Russia on the matter. We should tentatively resolve the issue soon in September-October. Subsidiaries have been publishing figures," Ryumin said.

Russian companies have been taking advantage of the right not to publish interim and annual financial statements received in March 2022, after the situation in Ukraine began, and the implementation of Western sanctions came into force. According to Interfax, only 235 of 526, 44.68%, of all companies with securities traded on the stock exchange, have disclosed IFRS statements for 2022.

The Russian government did not extend this right in the summer of 2023. The government instead adopted a resolution that stipulates the number of companies permitted not to disclose sensitive information owing to sanctions threats, without being able to hide the balance sheets and income statements, respectively.