Patrick Pohlit
The US custodian Bank of New York Mellon announced that it will open books for the exchange of depositary receipts for shares of Russian companies from August 22, 2024. The procedure will last until September 20, 2024 and will be applied to certificates of Gazprom, RusHydro, Nornickel and others.
BNY Mellon decided to convert the depositary receipts due to the inclusion of the National Settlement Depository (NSD) on the U.S. sanctions list and on the basis of General License No. 100. The application requires proof of compliance with the requirements of this license, unchanged beneficial ownership and an account with a Russian depository for the shares to be credited.
The current license applies to depository receipts of the following share issuers
- Federal Grid Company,
- Cherkizovo Group,
- Inter RAO UES,
- RusHydro,
- Surgutneftegaz,
- Mosenergo,
- MMC Norilsk Nickel,
- Enel Russia,
- Primorsk Shipping Company,
- Gazprom Neft,
- Gazprom.
At the same time, taking into account the constantly changing circumstances, the Depositary reserves the right to terminate the exchange program at any time before the expiry of the specified period without prior notice.
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