26 Dec 2023 20:30

CBR seeking to include cos with revenue starting at $1 bln in register of reporting exporters, register to double

MOSCOW. Dec 26 (Interfax) - The Central Bank of Russia (CBR) plans to include companies with export proceeds or average monthly debt on obligations to nonresidents of more than $1 billion in its list of leading exporters providing information on their assets and liabilities, the CBR said in a statement.

As a result, the list of such exporters will roughly double. The corresponding draft instructions have been posted for discussion. Proposals and comments are being accepted through and including January 17, 2024.

The list of these exporters will not be disclosed. The Central Bank will notify companies of their inclusion on an individual basis.

The regulator has also posted a draft instruction setting out for the largest exporters the composition, form, timing and procedure for the submission of data. In particular, companies will have to send information not only on assets and liabilities in foreign currency, but also on balances on ruble accounts in foreign banks, as well as on ruble-denominated debt to non-residents.

Companies are expected to report on a consolidated level and provide information on subsidiaries as well.

The draft guidelines have been drawn up due to the federal law "On Currency Regulation and Currency Control", which come into force on March 1, 2024.