The Russian Ministry of Finance (Minfin) has proposed extending the rules that allow companies not to disclose their annual and interim consolidated financial statements for another six months, until July 1, 2023. This is due to concerns about the imposition of sanctions on Russian firms with the corresponding draft government decree. sent on the federal portal of projects of normative legal acts.
“The purpose of the draft resolution is to reduce the risk that the information contained in the consolidated financial statements will be used in the face of external sanctions against the Russians who compile such statements,” the document’s explanatory note states.
Currently, the right of Russian companies not to disclose their financial statements applies to public joint stock companies (PJSC). The relevant measure is valid until the end of this year. It was adopted immediately after the introduction of large-scale international sanctions against the Russian financial and banking sectors of the economy.
September 16 Central Bank (MB) Extended Restrictions on disclosure of information by banks until the end of the current year. The right not to disclose financial statements will remain in effect until the end of the fourth quarter. Starting from the beginning of 2023, it will be possible to begin the gradual disclosure of credit institutions’ information.