WHAT TO DO WITH RUSSIAN ADRS?
Investors fear for their money in Russian shares.
Currently, holders of Russian depositary receipts are being asked to exchange them for the underlying original shares. However, a functioning exchange process has not yet been established.
The purpose of depositary receipts is to make shares that are not tradable abroad nevertheless tradable there. The background to this permissible detour is the different requirements of national legislators for listing shares on different trading venues.
Russian DRs are also depository receipts that certify the right to ownership of a share. The depository receipts are issued by so-called DR program banks (also issuers), mostly leading international investment banks such as Bank of New York Mellon (BNYM), Citi Bank or JP Morgan.
In April 2022 Russian lawmakers ordered the termination of all DR programs. As of April 27, 2022, DR holders cannot exercise voting rights or receive dividends on the underlying shares. However, unpaid dividends can be claimed by a DR holder after returning the DRs and receiving the underlying shares.
The international central securities depository Clearstream announced on 13.07.2022 to resume the exchange of depository receipts (ADRs / GDRs) as of 18.07.2022. However, the time frame is tight: the exchange is to be possible up to and including 31.07.2022. The background is that the Russian Central Securities Depository (NSD – Russian securities depository) has announced that it will not charge any fees during this period.
At present, however, any forecast is difficult.
Should you wish to act now, the following advantages are available to you:
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We will be happy to answer any questions you may have. Please contact us by e-mail at the following address: ADR@schirp.com.
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Investors fear for their money in Russian shares.
The company has now been fined $300 million.
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