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Russia limits transactions with shares received upon cancellation of depositary receipts programs

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Published on: 25 May 2022

Published by a LexisNexis Restructuring & Insolvency expert

Table of contents

Obstacles related to DR conversion
Limitation on transactions with underlying shares
Important considerations

Article summary

Restructuring & Insolvency analysis: The delisting of Russian issuers’ depositary receipts could potentially lead to a disproportional increase in sales of underlying shares in the Russian stock market and contribute to its volatility. In response to this challenge, Russia’s Central Bank introduced a limit on transactions with shares received upon cancellation of depositary receipts. Written by partners Alexey Chertov, Grigory Marinichev and Vasilisa Strizh, and associate Yaroslav Smordin at global law firm, Morgan, Lewis & Bockius LLP.

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