Conversion of foreign depositary receipts into shares of Russia's largest companies resumes

MOSCOW. Aug 23 (Interfax) - Bank of New York Mellon , the depository bank, said that the cancellation of depositary receipts of Russia's largest companies, namely the reverse conversion of DRs into local shares, has resumed as of August 22, 2024, with the possibility to conduct transactions until September 20, 2024.

The bank notes that the possibility arose resulting from the corresponding announcement from the United States Treasury Department's Office of Foreign Assets Control (OFAC) and in accordance with General License 100.

The bank said that the depository currently allows the cancellation of DRs for the receipt programs of Federal Grid Company, Cherkizovo Group, Inter RAO UES , RusHydro , Surgutneftegas , Mosenergo , MMC Norilsk Nickel , Enel Russia , Primorsk Shipping Company , Gazprom Neft , and Gazprom .

It is also noted that the book for cancelling the receipts for the ordinary and preferred shares of Rosseti has been closed according to rules 144A and Reg. S.

The depository notes that the parties to the transactions for cancelling receipts are required to confirm that there has been no change in the beneficial owner of the DRs.