Update to Automatic Conversion of Russian ADRs

The saga with Russian DR programs continues to evolve. I posted a note on Automatic and Forced Cancellation as notified by the depository BNY Mellon on mid-last month. Today BNY Mellon has published the below important update on the automatic conversion of Russian ADRs. As the deadline nears for the cancellation of these ADRs, many …

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Russia’s Gazprom To Terminate ADR Program

Russian energy giant Gazprom has decided to terminate its ADR program. According to the depository BNY Mellon the ADR program will be terminated June 16, 2022. Holders of the ADRs have the option to convert them to ordinary shares that trade on the domestic exchange in Russia or surrender the ADRs to receive payment of sale …

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Russia’s Lukoil To Terminate ADR Program

Russian energy giant Lukoil(LUKOY) has announced plans to terminate its ADR program. In addition, the firm will also cancel its listing on the London Stock Exchange as well effective June 6, 2022. This is a big blow for American and foreign investors in Lukoil. However this is not a surprise since Russian passed a law in …

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