Russia’s Putin approves no-disclosure waiver for Novatek, Surgut

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MOSCOW (Reuters) – Russian President Vladimir Putin signed a decree on Monday allowing Novatek and its liquefied natural gas units, as well as oil firm Surgutneftegaz, to limit public disclosure about their businesses.

Russia started withholding some data shortly after its troops entered Ukraine in February 2022.

Certain oil and gas statistics and federal budget details are hidden, while banks were ordered to limit disclosures as Moscow seeks to limit its exposure to Western sanctions.

Under Russian stock market regulations, listed companies are usually required to disclose their financial results, details of large deals and other significant information.

Putin included the Novatek-led Yamal LNG and Arctic LNG 2 projects, which are subject to certain restrictions from the European Union and United States, in the list.

Novatek shut down commercial operations at the first and only operational train of its Arctic LNG 2 in October with no plans to restart it during winter, a source familiar with the matter has told Reuters.

The ruling is an addendum to a decree issued in November 2023, outlining a list of companies, which were allowed to limit their public disclosures in the face of Western sanctions.

Russia’s largest oil producer Rosneft and its units were given the waiver in November 2023.