Amends the conversion mechanism of depository receipts into the underlying Russian shares
14 Jul 2022
On 14 July 2022, the Russian Federation adopted the Federal Law No.319-FZ, that amended the existing conversion mechanism of depository receipts into the underlying Russian shares. This procedure allows Russian holders of depository receipts to circumvent the imposed sanctions and apply to the Russian Custodian for mandatory conversion of the depository receipts to the Russian shares. Additionally, a similar procedure is established for mandatory transfer of the underlying Russian shares from a broker’s foreign nominee account to a holder depo share account without the broker’s consent.
The changes entered into force on 14 July 2022.
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