Approved list of six economically significant organizations

Russian Government has approved the list of economically significant organizations (Order of the Government of the Russian Federation No. 491-r "On Approval of the List of Economically Significant Organizations" dated March 1, 2024). This list includes six companies from different sectors of the economy that are essential for the country's economic security. The first version of the list included organizations involved in the ownership structure of Alfa-Bank, AlfaStrakhovanie, X5 and Azbuka Vkusa chains, including fertilizer producer Acron: AB Holding JSC, UNS-Holding LLC, IKS 5 Corporate Center LLC, Acron Group JSC, City Supermarket LLC and Razrez Arshanovsky LLC. The Ministry of Economic Development of the Russian Federation specifies that this list may be expanded. To be included in the list, a company must meet the following criteria:
  • annual revenue of more than 75 billion rubles,
  • the value of assets – more than 150 billion rubles,
  • the number of employees – more than 4 thousand people,
  • the amount of taxes paid for the previous year – not less than 10 billion rubles,
  • the company's work in critical industries, as well as
  • ownership of direct and indirect participation of Russian shareholders in a foreign holding company – as a general rule – more than 50%.

The Federal Law No. 470-FZ "On Peculiarities of Regulation of Corporate Relations in Business Companies that are Economically Significant Organizations" adopted in 2023 gave Russian shareholders controlling economically significant organizations the right to transfer to Russian jurisdiction shares (stakes) owned by Western investors from "unfriendly" countries.

Inclusion in the list gives an opportunity to suspend the exercise by a foreign holding company of corporate rights in respect of an economically significant organization through a court.

Also, Russian President's Decree No. 73 of January 27, 2024 allowed economically significant organizations and persons who have transferred to direct ownership of shares and interests in them not to disclose information about their activities in the public domain, which must be disclosed in accordance with the Federal Laws "On JSC", "On LLC", "On Banks and Banking Activities", "On Audit Activities" and others.