Putin lets 'economically significant' entities limit information disclosures

Putin lets 'economically significant' entities limit information disclosures

Russian President Vladimir Putin has signed a decree to allow organisations the authorities deem economically significant to avoid disclosing information about their activities as Moscow seeks to limit its exposure to Western sanctions.

Russia started withholding some data shortly after its troops entered Ukraine in February 2022. Certain oil and gas statistics and federal budget details are hidden, while banks were ordered to limit disclosures.

The new decree, dated Jan. 27, widens the pool of entities that can avoid scrutiny by giving "economically significant organisations" and their owners the right to stop disclosing information.

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The "economically significant" definition first appeared in Russian legislation in 2023 and was described by officials as applying to companies that are of significant importance to ensuring Russia's economic sovereignty and security.

The list of companies judged to qualify for the designation has not yet been made.

Under the decree, companies and persons deemed economically significant will have to notify regulators of their right not to disclose information and give some details to the authorities, but this data will not be made public.