MOSCOW, January 27 Russian President Vladimir Putin signed a decree granting economically significant organizations (ESO) the right not to disclose information about their activities; the corresponding decree is posted on website for the official publication of legal acts.
As stated in the decree, EEOs have the right not to make public information that must be disclosed in accordance with the laws of the Russian Federation on joint-stock companies, limited liability companies, banks, auditing activities and others. In addition, the document emphasizes that if information is requested from federal executive authorities, companies are required to provide data, but it should not be published publicly.
The EZO is now understood as a Russian economic company that is essential for ensuring the economic sovereignty and economic security of the Russian Federation. The list of ESOs is compiled by the government. To be included in it, a Russian organization must meet one or more criteria — for example, it could be a systemically important bank or a company whose group has more than 4 thousand employees.
The law adopted this summer allows foreign holding companies associated with unfriendly countries to be excluded from the ownership structure of economically significant Russian companies and banks through the courts. This anti-sanctions law came into force on September 4, 2023.
The current law provides that after a court decision to suspend the rights of a foreign holding company, citizens and residents of the Russian Federation have an obligation to take direct ownership of shares/interests in an economically significant organization. In November, a group of senators and deputies introduced a bill to the State Duma that leaves this obligation, but adds the right to take direct ownership for foreigners.
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