The Central Bank of Russia has extended the option for credit institutions to refrain from disclosing sanctions sensitive information until 2024. This update was announced by Alexander Danilov, who heads the banking regulation and analytics department at the regulator, during the All-Russian Conference on Banking. The information was reported by RIA Novosti, providing a clear signal that the regulator aims to balance transparency with stability in the face of shifting geopolitical circumstances.
On the topic of sensitive information, Danilov emphasized caution. He noted that unless there are major global geopolitical shifts, the central bank prefers to minimize the risk associated with disclosing such data. The approach reflects a deliberate risk management stance by the regulator, prioritizing systemic stability and the protection of sensitive financial information in uncertain times.
The day prior, the Bank of Russia’s press service confirmed that the permission for Russian credit institutions to withhold sanctions risk sensitive information would be extended for another six months. This extension aligns with the regulator’s broader risk governance framework and demonstrates a steady hand in supervising how sanctions related data is handled across the financial sector.
Within the same period, the Bank of Russia reiterated plans regarding statutory financial statements. The institution stated that normal disclosure practices would resume in a manner consistent with existing statutory deadlines, with filings anticipated to begin according to established schedules early in the year. This clarification underscored a return to standard reporting routines while continuing to monitor external factors that could influence financial disclosure requirements.
During the week, executives at major institutions weighed in on how enforcement pressures are being managed. Specifically, German Gref, president and chairman of the board at Sberbank, shared insights into how the bank navigates regulatory and enforcement dynamics. His remarks highlighted the ongoing tension between compliance obligations and strategic objectives in a climate of heightened scrutiny for financial institutions operating in Russia and abroad.