The Ministry of Economy announced the expected number of economically significant companies

The list of economically significant companies will include about 10 large companies, First Deputy HEAD of the Ministry of Economy Ilya Torosov told RBC. This will allow them to move to Russian jurisdiction, despite the inaction of the foreign holding structure

The government list of economically significant organizations (ESO) will include about ten large companies. First Deputy Minister of Economic Development Ilya Torosov reported this to RBC.

“The EZO mechanism is aimed primarily at large businesses . We expect there will be about ten companies on this list,” he said.

However, Torosov admitted that if necessary, the list could be expanded. “In any case, there may be no more than a few dozen companies on this list,” the deputy minister said. He noted that the organization itself can submit an application for inclusion in the list of EZO. However, federal authorities can also nominate companies for inclusion on the list.

In August 2023, President Vladimir Putin signed a law making it easier for companies from the list of economically significant organizations to move to Russian jurisdiction from other countries. And in January, by presidential decree, they were allowed not to disclose information about their activities. It was previously reported that the authorities are considering applications for inclusion in the list of ESOs from the Tinkoff group and the AB Holding company, which controls Alfa Bank.

Which companies are recognized as economically significant?

Economically significant organizations are considered enterprises that are essential for ensuring the sovereignty and security of RUSSIA in the economic sphere: subjects of critical information infrastructure, systemically important credit organizations, city-forming organizations, companies that create highly productive and highly paid jobs, providing services in the IT field .

The list may also include structures whose services are used by more than 2 million people, professional participants in the securities market and companies that have the right to use Russian subsoil.

To be considered economically significant, a company must meet one or more criteria:

the total value of assets is more than 150 billion rubles; total revenue is more than 75 billion rubles. in year; more than 4 thousand employees on staff; the amount of taxes paid for the previous year is at least 10 billion rubles.

How companies from the list will “move” to Russia

The mechanism for the transition to Russian jurisdiction for economically significant organizations is part of the plan for deoffshorization of the economy, aimed at protecting the rights of Russian shareholders of foreign holding companies, Torosov explained.

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“To put it as simply as possible, in order for a company to move to a special administrative region (on Russky Island or Kaliningrad. -) it must have one main document - the decision of the shareholders. For cases where such a decision cannot be made, an EZO mechanism has been created,” he recalled.

Torosov gave a “classic example” of such a situation: “The business is structured through Cyprus, where the board of directors sits, behind which there are Russian shareholders, and the asset is located in Russia. At the same time, the board of directors, due to sanctions restrictions, cannot make a decision on relocating the company or any other decisions. Decisions are simply blocked, they are not made. As a result, the business may stop.”

Then a company included in the EZO list can go to a Russian COURT and prove that it owns more than 50% of this business and cannot manage the asset due to sanctions restrictions. “At the same time, a foreign holding company can also go to court and challenge the situation if they still make decisions,” Torosov clarified.

The result is “the most legitimate, transparent and protected mechanism for returning business management to Russian owners,” says the deputy minister. For now, according to him, only one court will accept applications from economically significant companies - the Arbitration Court of the Moscow Region.

According to Torosov, within the framework of the mechanism, a “mirror” of a foreign holding company can be created, but in Russian jurisdiction. It will duplicate the original corporate structure abroad, but without applying the rules of foreign law. In addition, the EZO mechanism provides for the possibility of separate payment of dividends and profits directly to shareholders, bypassing the foreign holding company.