The automatic conversion of depositary receipts into shares of Russian issuers will resume on June 9, 2025. This process applies to depositary receipts under programs that have been terminated according to the law. The Bank of Russia has established the relevant procedure for this conversion.
Investors’ depositary receipts will only be converted if they are recorded by Russian depositories at the time of the procedure. Issuers are required to notify the depository holding the shares, for which depositary receipts have been issued, about the start of the conversion procedure no later than June 17, 2025. All operations involving depositary receipts should be suspended until the conversion process is completed.
Depositories will remove receipts from depository accounts and credit shares of Russian issuers instead. Investors, whether resident or non-resident, do not need to take any actions during this process. The entire conversion is expected to take no more than one month.
The automatic conversion will also apply to depositary receipts under programs extended as stipulated by the Russian Government and will be conducted after these programs are terminated.
