Bank of Russia to expand monitoring of major exporters: draft ordinances
The Bank of Russia is planning to include companies whose export revenues or average monthly debt to non-residents will exceed $1 billion in 2023 in the list of major exporters obliged to provide information about their assets and liabilities. As a result, the list of such exporters will nearly double. The relevant draft ordinance has been published for discussion.
The list of exporters submitting this information is not to be published. The regulator will notify companies that they have been included in the list on an individual basis.
To assess the regulatory effect, the Bank of Russia has also published the draft ordinance that establishes for the major exporters the data composition and form and the deadlines and procedure for providing the data. In particular, the companies will be obliged to submit information not only about the assets and liabilities in foreign currency, but also about their balances in ruble accounts with foreign banks as well as about their debt in rubles to non-residents.
Moreover, the companies are to provide the data on a consolidated level, including information about their subsidiaries.
The draft ordinances have been developed due to amendments made to the Federal Law ‘On Foreign Exchange Regulation and Foreign Exchange Control’ that comes into force from 1 March 2024.
The Bank of Russia welcomes any suggestions and comments through 17 January 2024.