VEB.RF Officially Starts Selecting Verifiers of Sustainable Financial Instruments

VEB.RF has started selecting organisations to be included in the permanent list of verifiers of sustainable financial instruments. The process was launched in accordance with Ordinance of the Russian Government No. 3024-r of 18 November 2020 and Resolution of the Russian Government No. 1587 of 21 September 2021. The launch of the verifier selection process is a key stage of implementing the mechanism for sustainable financial instruments verification, and it represents the full-fledged launch of the green finance market in Russia.

From now on an organisation may submit to VEB.RF an application for the inclusion in the list of verifiers. The applicant should confirm its compliance with verifier requirements in accordance with Resolution No. 1587 in respect of having sufficient experience in conducting assessments, adequately qualified experts, effective business processes, an organisational structure that allows the applicant to verify financial instruments, verification methodologies, a positive business reputation, and compliance with minimum business duration requirement (1 year).

At the current stage, in order to submit an application for the inclusion in the list of verifiers, an organisation should fill in the application and questionnaire templates posted on VEB.RF’s website and attach supporting documents. An application with attached documents should be routinely sent by e-mail at green@veb.ru and officially by mail to VEB.RF’s address. VEB.RF is currently developing a digital platform for sustainable financial instruments that will automate the process of submitting applications. VEB.RF should consider applications within 60 business days.

Before the permanent list of verifiers is made, the temporary list of verifiers posted on VEB.RF’s website applies.

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