Putin approves exemption from disclosure to save companies from sanctions

Russian President Vladimir Putin has approved a list of companies that are exempt from disclosing information in accordance with federal laws if the information could be used to impose more Western sanctions.

According to a 27 November statement issued by the Russian president’s office: ‘Under the Executive Order, in the event that the disclosure or submission of information subject to disclosure or submission as per the requirements of a number of federal laws, leads to or may lead to the introduction of restrictive measures as regards Russian business entities or individuals, Russian business entities included on the list approved by this Executive Order, shall have the right to independently determine the content or scope of information to be disclosed or submitted.’

It said those companies could send their information directly to the Central Bank.

‘Information that was not disclosed or submitted in line with this Executive Order but presented to federal executive bodies or individuals as required by Russian Federation laws, shall not be subject to disclosure, including placement in state information media and other sources,’ the notice explained.

It did not disclose which companies have been granted exemptions.