The Phase 2 review rates Russia overall as largely compliant with the international standard. Russia’s legal framework generally ensures that ownership information, accounting and bank information is available according to the standard. For information not already contained in Russia’s tax database, Russia’s tax administration has broad powers to access accounting information and information on the ownership of legal entities. Regarding access to bank information, the report notes that Russia should monitor the practical implementation of the recently introduced powers to obtain bank information with respect to accounts of private individuals. With respect to exchange of information in practice, the report notes that Russia has in place appropriate organisational processes to ensure effective exchange of information. Russia should report steps taken to address the recommendations made in the report within one year. For further information on Russia’s exchange of information practices click here.