Russia: Update on the Forced Conversions reconciliation for CEU participants

Following Announcements D22074 and D22079, Clearstream¹ informs clients of an update to the reconciliation process for the Russian underlying Depository Receipts subject to forced conversions pursuant to Russian Federal Law 319‑FZ (as amended by Law 519‑FZ).

Due to the ongoing UNO project and the decommissioning of the relevant CEU platform, Clearstream is no longer able to continue announcing corporate action events to reconcile the positions subject to forced conversion for each DR program held in CEU.

Instead, Clearstream invites participants to submit a free‑format Swift/Xact Web Portal message marked ATTN: OCE/Forced Conversion to confirm whether the relevant holding has been converted.

The following information must be included in the free‑format message:

1. ISIN;
2. Quantity;
3. CEU account number;
4. A certification that the position was converted under the forced conversion process, together with disclosure of the full custody chain.

Clients are expected to inform Clearstream without any delay if any of their holding has been converted under the forced conversion procedure. Upon receipt of confirmation from the client that the position has been converted, Clearstream will immediately block the disclosed position on the client's account.

All other relevant reconciliation processes with the DR agents remain unchanged and continue to apply as outlined in Announcement D22074.

Further information

For further information, clients may contact Clearstream Client Services or their Relationship Officer.

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1. This Announcement is published by Clearstream Europe AG (CEU), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.