Russian stock exchanges to maintain listing of securities of multinational companies headquartered in Russia if they are delisted abroad

The Bank of Russia has set a moratorium, to be effective until 1 January 2023, on the delisting of shares of foreign issuers, as well as depository receipts certifying the rights in respect of such shares admitted to organised trading by the decision of the Russian exchange pursuant to Clause 4 of Article 51.1 of Federal Law No. 39-FZ, dated 22 April 1996, ‘On the Securities Market’ in the event of the delisting of these securities on a foreign exchange.

In addition to the measures previously described in a press release, dated 6 March 2022, for keeping securities in quotation lists, the Bank of Russia established a grace period until 1 January 2023 for foreign issuers to comply with other requirements set by Annex 2 to Bank of Russia Regulation No. 534-P, dated 24 February 2016, ‘On Securities Admittance to Organised Trades’.

Also, the Bank of Russia has determined a grace period to comply with the requirements for the net asset value of unit investment funds in order to keep investment units of these funds in the quotation and stock exchange lists until 1 January 2023.

This information has been communicated by the Bank of Russia to the trading authority.

The implementation of these measures will allow foreign issuers, including those having a major part of their business in Russia, and unit investment funds whose securities are on the Russian stock exchange list to maintain the listing and the current level of listing.

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