Russia: Depository Receipts update
Further to Announcements D22061 and D22052, Clearstream Banking1 informs customers that due to circumstances beyond the control of Clearstream Banking AG (CBF), there currently continues to be no option available for the conversion of DR holdings into underlying Russian shares held on CBF’s direct CSD link with DTCC.
For so long as the forced conversion procedure introduced by the Russian Federal Law No. 319-FZ remains open, settlement in DRs over Russian underlying equities remains suspended. Consequently, customers are in a position neither to instruct delivery of the DRs nor to instruct their conversion or cancellation. CBF continues to explore potential solutions. Customers will be informed should settlement at Clearstream Banking for Russian DRs with underlying Russian shares become possible.
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
1. Clearstream Banking refers to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany, under number HRB 7500.