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Moscow Exchange marks shares of eight more issuers over incomplete disclosure
In short
The Moscow Exchange has marked the shares of eight more issuers that restrict disclosure of information about their activities, Interfax reported, citing exchange data. The list includes Sovcomflot, Surgutneftegaz, Bashneft, NMTP, RN-Western Siberia, the Saratov oil refinery, Slavneft-Megionneftegaz and Slavneft-Yaroslavnefteorgsintez. A grace period for issuers to remedy disclosure violations ended on October 1.
Why it matters
Vedomosti reported that the marker is intended for institutional and retail investors and means that an issuer’s activities cannot be monitored and its financial position cannot be assessed. Kommersant reported that the marking does not block trading but adds a separate signal for investors holding the securities. The change affects several Russian issuers that RBC and Vedomosti described as large.
Key facts
- The Moscow Exchange marked the shares of eight more issuers that limit disclosure of information about their activities. [ 1 , 2 , 3 , 4 ]
- The marked issuers include Sovcomflot, Surgutneftegaz, Bashneft, NMTP, RN-Western Siberia, the Saratov oil refinery, Slavneft-Megionneftegaz and Slavneft-Yaroslavnefteorgsintez. [ 1 , 4 ]
- The grace period for issuers to remedy disclosure violations ended on October 1. [ 1 , 2 , 3 , 4 ]
- The exchange began marking securities of companies that limit disclosure in April 2026. [ 1 , 3 , 4 ]
- The first marks went to the shares of Unipro, Acron, GAZ and TGC-2, and to bonds of Peresvet bank, Bashneft, Mosenergo, Rusnano, NMTP, Rusbond-Fertilizers and SUEK-Finance. [ 1 , 4 ]
- The marking does not prohibit trading or restrict the circulation of the shares, according to Kommersant. [ 4 ]
- The marking is not applied to bonds with two credit ratings of at least A-, or to shares with two non-credit ratings of at least three stars. [ 1 , 4 ]
- An issuer that stops withholding information within six months can move from the special section of the quotation list back to the general one. [ 4 ]
Confirmed by several sources
- The Moscow Exchange marked the shares of eight more issuers that restrict disclosure. [ 1 , 2 , 3 , 4 ]
- Sovcomflot, Surgutneftegaz, Bashneft and NMTP are among the marked companies. [ 1 , 2 , 3 , 4 ]
- The grace period for remedying disclosure violations ended on October 1. [ 1 , 2 , 3 , 4 ]
- The exchange began marking securities of companies with limited disclosure in April 2026. [ 1 , 3 , 4 ]
- The Bank of Russia initiated the marking; the Justice Ministry registered the Central Bank instruction on it on January 30, according to Vedomosti and Kommersant. [ 3 , 4 ]
Still unclear
- Whether the eight newly marked issuers will restore disclosure and leave the special section of the quotation list. Kommersant describes a six-month route back to the general section, but none of the documents say whether these issuers intend to use it.
- The total number of marked securities and issuers. Vedomosti says 17 securities of six issuers were marked when the practice began on April 9, while Interfax and Kommersant describe four share issuers plus a separate list of bonds.
- Whether the marking also applies to bonds issued by the companies newly marked on October 5. The documents list the newly marked shares and a separate set of earlier marked bonds, without saying whether the new issuers’ bonds are affected.
What local media are saying
Business mediaAll four documents are business outlets, and coverage was factual and procedural: the reports led with exchange data, listed the newly marked issuers and set out the regulatory timeline. Vedomosti and Kommersant credited Interfax with reporting the news first; Vedomosti and Kommersant emphasised what the marker means for investors, while RBC highlighted that the remediation deadline expired on October 1.
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Timeline, local time
- Interfax reports that the Moscow Exchange has marked the shares of eight more issuers for incomplete disclosure. [ 1 ]
- RBC reports the same marking, naming Sovcomflot, Surgutneftegaz, Bashneft and NMTP. [ 2 ]
- Vedomosti reports the marking, noting the October 1 expiry of the remediation period. [ 3 ]
- Kommersant reports the expansion of the marking and describes its effect on trading and investors. [ 4 ]