The Federal State Statistics Service (hereinafter “Rosstat”) has published data on the Russian companies’ turnover for January-June 2020. Obviously, the impact of the crisis caused by COVID-19 pandemic and restrictions was different for companies and depended on the industry they are engaged in. The highest losses are recorded for transport and servicing companies, and mining industry.

For example, turnover of the railway passenger transportation reduced by 61,7% compared to the same period of 2019; airlines’ figures decreased by 43,6%, hotels’ – by 36,4%, and turnover of companies engaged in crude oil and gas extraction fell by 29,3%.

At the same time, pharmaceutical companies have doubled their turnover. IT and tobacco companies have 30% increase, and over 21% increase was recorded for post and courier services.

These figures prove the specific character of the current economic situation within the country and abroad (see Table 1).

Source: Rosstat, calculations by Credinform

Turnover includes the cost of self-produced shipped goods, self-performed works and services, as well as revenue from the sale of acquired goods (excluding value added tax, excise taxes and other similar payments).

The data of current statistics are formed for the full range of enterprises, based on information from the unified form of federal statistical observation No. P-1 "Information on the production and shipment of goods and services".

Federal statistical observation form No. P-1 is provided by all legal entities that are commercial organizations, as well as non-commercial organizations of all forms of ownership that manufacture goods and services for sale to other legal entities and individuals (except for small businesses, banks, insurance and other financial and credit institutions), the average number of employees of which for the previous year exceeds 15 people, including those working part-time and under civil law contracts.

The Federal Law No. 302-FL of July 31, 2020 introduced significant amendments to the law "On credit histories". They are aimed at a comprehensive modernization of the existing system for the building up credit histories.

In particular, the amendments concerned the focus of the law. Now the goals of the law are:

• strengthening the protection of creditors and borrowers, as a result of an overall reduction in credit risks;
• improving the efficiency of providing and returning borrowed funds;
• creation and definition of conditions for the collection, processing, storage and submission of information to the credit histories bureaus of information characterizing the timeliness of fulfillment of obligations.

The following authorities may cooperate with the credit histories bureaus:

• courts on cases in their proceedings;
• federal executive authorities;
• notaries;
• arbitration managers.

The amendments introduced qualified credit histories bureaus, which are authorized to calculate the total debt or payment burden of citizens.

To improve the reliability and quality of data used to calculate the debt burden, the law provides for the exchange of information between qualified and other credit histories bureaus, as well as between credit histories bureaus and creditors.

Significant amendments were made to the provisions on the composition of information included in the credit history.

Now, the main part of the credit history of individuals should contain the following information concerning the subjects of credit history:

• place of registration and actual place of residence;
• phone number (including mobile);
• e-mail addresses, if provided by subjects of credit history;
• information on state registration of individuals as individual entrepreneurs;
• information about the procedures for insolvency (bankruptcy) of individuals, if the arbitration court has accepted an application for recognition as insolvent (bankrupt);
• information about illegal actions of individuals in insolvency (bankruptcy);
• information on deliberate or fictitious bankruptcy, with the link and date on the inclusion of information in the Unified Federal Register of Bankruptcy Information.

In addition, a new list of information has been formed regarding the obligations of borrowers, guarantors, principals and lessees.

Thuswise, the list of transactions for which information should be sent to the credit histories bureau, as well as the list of sources for building up credit histories, has been clarified.

The law also expands the supervisory powers of the Central Bank of the Russian Federation in relation to credit histories bureaus.

According to the information of the Central Bank of the Russian Federation, as of September 25, 2020, the State Register of Credit Histories Bureau contains information about 9 credit histories bureaus. Information on bureaus is available for the subscribers of the Information and Analytical system Globas.