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Russia may alter disclosure rules for banks with sanctions-hit owners


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Russia may alter disclosure rules for banks with sanctions-hit owners

The Russian central bank wants to release local lenders from the obligation to publicly disclose reporting data that could point to their involvement with clients in Russia-annexed Crimea, as well as information about shareholders affected by Western sanctions, Vedomosti reported March 19, citing the regulator.

By restricting public access to such information, the central bank wants to protect lenders dealing with sanctions-affected parties from being hit by sanctions themselves, Vedomosti noted.

The regulator is analyzing bank reporting to check whether there is a need to adjust or restrict access to information in the reports. In addition, the central bank prepared six draft resolutions, under which information on Russian sanctions-affected bank shareholders would not be published online.

The regulator also recommended that the Moscow Stock Exchange, the National Settlement Depository, the National Clearing Center and individual banks settling transactions with the state defense sector remove information about Russian individuals and companies included in the sanctions lists from their websites, RBK Daily reported the same day. The Moscow bourse's press office told the newspaper that the recommendations were being implemented.