15 Nov 2023 20:29

Russian banks by end of 2024 to disclose reporting with exceptions regarding sanctions-sensitive data - Central Bank

MOSCOW. Nov 15 (Interfax) - The Central Bank of Russia (CBR) has extended the right of Russian banking institutions not to disclose sensitive information until 2024, as well as the right not to disclose information sensitive to sanctions risks, the regulator said in a statement.

The CBR has extended the obligation of lending institutions to disclose financial statements with exceptions regarding sanctions-sensitive data until the end of 2024. A similar approach will continue to apply to the disclosure of bank statements on the CBR website, as well as information on the issuance of bank securities, the regulator said.

"This strikes a balance between market needs for information and the need to limit risks for banks and their customers," the CBR notes.

Moreover, the CBR has permitted Russian banks until the end of 2024 not to disclose information sensitive to sanctions risk, including information about the ownership structure; members of management boards/bodies and other officials; material conditions of reorganization; and some information about material facts affecting the financial and economic activities of lending organizations undergoing reorganization through mergers, acquisitions, and transformations.

The CBR plans a similar decision for non-bank financial organizations and individuals providing professional services in the financial market, the regulator said.