The Ministry of Finance recommends seven SROs for the expert review of valuers’ reports

On 21 April 2023, the Russian Ministry of Finance published on its website a list* of self-regulated organisations of valuers (SROs) for expert reviews of independent valuers’ reports. Such reports are required as part of the Government Commission’s approval of exit transactions involving owners from “unfriendly” states.

Taking into account the current practice, although this list is presented as a recommended one, SROswhich are to conduct expert reviews should be selected from this list. All but one of the SROs are based in Moscow. The seventh SRO is in Saint Petersburg.

As we outlined earlier, a report by an independent valuer on the market value of the assets to be sold must be submitted for the Government Commission to review a transaction. After the initial announcement was made, it took almost eight weeks for the Ministry of Finance to publish a list* of valuers recommended to this end.

In March 2023, the Government Commission also recommended enclosing with the independent valuer’s report an expert opinion from an SRO confirming that the report meets the applicable legal requirements.

This time, it only took the Ministry of Finance four weeks to publish the new recommendation list. 

* In Russian