Support The Moscow Times!

New Bill Forces Russian Companies to Disclose Owner Information

Russia's State Duma has passed a new bill obliging companies to disclose information on their beneficiaries at the request of the authorities, the TASS news agency reported Tuesday.

The bill was prepared as part of the country's push to improve economic transparency and decrease the use of offshore holdings. Russian President Vladimir Putin must now sign the bill before it becomes law.

The document defines a beneficiary as an individual who directly or indirectly owns more than a 25 percent stake in a company, or as a person who can control a company's actions.

The bill states the legal entities are obliged to update the information on any beneficiaries every year and to keep the information on record for five years.

Failure to provide information could lead to fines ranging from 30,000 - 40,000 rubles ($460 - $615) for individuals, to 100,000 - 500,000 rubles ($1,500 - $7,700) for companies.

A list of bodies with the right to demand the information will be prepared by the government, TASS reported.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysiss and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more