Russian Central Bank, Finance Ministry discussing possibility of additional measures to localize securities registered abroad - CBR first deputy governor

MOSCOW. May 15 (Interfax) - The Central Bank of Russia (CBR) and the Finance Ministry are jointly discussing the possibility of reconverting the securities of Russian issuers, as well as other measures in order to localize foreign-registered securities, within the Russian infrastructure, Central Bank First Deputy Governor Vladimir Chistyukhin told Interfax in an interview.

"Perhaps not all specific situations have been taken into account. The possibility of reconverting, as well as other measures in order to localize foreign-registered securities, within the Russian infrastructure are currently under discussion with the Finance Ministry," Chistyukhin said.

The holders of depositary receipts for Russian securities were granted the opportunity last year to convert said depositary receipts automatically or forcibly into shares of Russian issuers, as well as to transfer the accounting of the securities to the Russian infrastructure if a foreign depository is interfering with transactions involving said securities. These measures are designed to return to Russian investors the possibility to dispose of their respective securities, which has been lost owing to the sanctions.

"Assets totaling over 360 billion rubles have actually ended up on the accounts of Russian owners [resulting from automatic and forced conversion of depositary receipts]," Chistyukhin said.

According to Chistyukhin, shares of Russian issuers totaling around 188 billion rubles have been credited to the accounts of owners through the automatic conversion of depositary receipts, and shares totaling around 175 billion rubles have been credited through forced conversion.

Chistyukhin also recalled the program for Eurobonds, with around 1.1 trillion rubles having either been transferred to Russian accounts, or they have been issued replacement bonds.