Clearstream resumed settlements on Russian depository receipts
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Clearstream International Depository informedthat from today, October 7, resumed settlements on depositary receipts (DR) for Russian shares of issuers. Accounts have been suspended due to started in Russia in August automatic conversion of depository receipts into shares.
A depository receipt is a certificate certifying ownership of a share or bond of a foreign issuer. In fact, this is the same security that the issuer issued, but placed on the stock exchange in another country. There it is traded in the form of a receipt.
The press release states that settlements have been resumed for those issuers for which the depository program agents have open books for the cancellation of receipts. Clearstream also recalled that the Russian National Settlement Depository (NSD) has extended until December 31 the waiver of charging fees for transactions related to the transfer of Russian and foreign securities.
In April, President Vladimir Putin signed the law on the delisting of depository receipts of Russian companies from foreign markets with subsequent conversion into Russian securities. In June, NSD came under European Union (EU) sanctions. Most Russian securities were moved through this depository. Central Bank appreciated the amount of securities of Russian residents blocked in NSD in the amount of 6 trillion rubles. EU allowed settlements with NSD if the depository does not benefit.
About sanctions – in the material “Kommersant FM” “The depositary checks the justifications”.
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