The Russian Union of Industrialists and Entrepreneurs (RSPP) has sent a letter to the Russian Government requesting the possibility for companies not to disclose their financial reports until July 1, 2024.
In July 2023, the Russian Ministry of Finance specified the list of data that issuing companies can keep confidential. This includes information about management structure, affiliated entities, subsidiaries, investments, transactions, and areas of operation. These changes were offered as a relief for companies at risk of sanctions, banks, and firms in new Russian regions.
The RSPP notes that although the new resolution of the Russian Government allows for the concealment of certain data, it now requires disclosure of elements like balance and financial performance reports. This suits medium-sized businesses but might pose risks for larger companies, which in turn could impact the entire economy.
The RSPP points out that the European Union has stricter criteria for imposing sanctions on companies and individuals from economic sectors significantly important for the Russian budget. Public reporting would facilitate gathering information about the contribution of Russian companies to the economy.
In light of this, the RSPP is asking for an amendment to the resolution, allowing companies to refrain from fully or partially disclosing their financial reports until July 1, 2024. If this idea doesn't find support within the Russian Government, the RSPP suggests an alternative approach: creating a list of companies permitted to keep the mentioned information confidential.
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