Russian Ministry of Energy continues to work to ensure the transparency of the largest companies in the industry


Source: Department of Energy

Russian Ministry of Energy is continuing to collect and analyze data in the work to ensure transparency of financial and economic activities of major infrastructural power companies with state participation. This work is directed, including the elimination of the grounds for conflict of interest and other abuses associated with the leadership of energy companies occupied positions.

As mandated by Prime Minister V. Putin, DOE requested in the largest infrastructure energy companies with state participation data on income, assets and property obligations of the leading staff (including members of boards of directors and supervisory boards). Should also be provided with information on contract awards, including giving details in respect of the whole chain of ownership of the counterparty, including beneficiaries (including the final).

Russian Ministry of Energy in conjunction with other federal authorities as soon as possible examine in detail the information provided here. The purpose of this analysis is to identify all the available grounds for conflict of interest or any abuse of his position, as well as evidence of affiliation between the management companies (including subsidiaries and affiliates) and contractors.

As previously reported, for this purpose in the Russian Energy Ministry established an interdepartmental working group, comprising representatives of the Russian Federal Tax Service, Federal Financial Monitoring Service and law enforcement agencies.

Russian Energy Ministry has prepared a number of changes to the existing regulatory framework that will enhance the transparency of financial and economic activities of the largest energy companies. The relevant proposals sent for approval to the relevant departments.

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