Automatic conversion of depositary receipts: second round
The automatic conversion of depositary receipts into shares of Russian issuers resumes from 9 June 2025. It extends to the depositary receipts under the programmes terminated pursuant to the law. The Bank of Russia has set the relevant procedure.
Investors’ depositary receipts will be subject to the conversion only if they are recorded by Russian depositories at the time of the procedure. Issuers should send a notice of the start of the conversion procedure to the depository storing the shares for which depositary receipts have been issued no later than 17 June 2025. All operations with depositary receipts should be suspended until the conversion is terminated.
Depositories will write off the receipts from depository accounts and credit shares of Russian issuers instead. Investors, both resident and non-resident ones, do not need to take any actions. The entire process will take no more than one month.
The automatic conversion will also apply to the depositary receipts under the programmes extended as stipulated by the Russian Government. It will be carried out after the programme is terminated.