Bank of Russia expands monitoring of largest exporters
The Bank of Russia has expanded the list of the largest exporters obliged to submit the information on their assets and liabilities to the Bank of Russia. The list now includes companies whose export earnings or average monthly outstanding liabilities to non-residents exceed $1 billion. In addition, those exporters whose subsidiaries conform to these parameters shall submit the data to the regulator as well. Thus, the list increases approximately twofold.
In the near future, the Bank of Russia will send individual notices to the companies that must submit the said information. The list of these exporters will not be published.
Besides, the Bank of Russia has stipulated the content, form, deadlines and procedure for submitting the data. In particular, the companies shall submit the information not only on their foreign currency assets and liabilities, but also their balances in ruble accounts with foreign banks, as well as their outstanding debt in rubles to non-residents.
The deadlines have been extended as the companies are to submit these data on a consolidated basis, including the information on their subsidiaries.
The Bank of Russia has adopted the new regulations due to amendments introduced into the Federal Law ‘On Foreign Exchange Regulation and Foreign Exchange Control’. These regulations become effective on 15 March 2024.