Discounts applied upon liquidation of shares (underlying ADRs)

After the liquidation of the Sberbank shares underlying the ADR-program, various investors seem to wonder what the background is of this discount. Decree No. 81 of the President of the Russian Federation dated March 1, 2022, "On Additional Temporary Economic Measures to Ensure the Financial Stability of the Russian Federation" (Decree No. 81; https://www.consultant.ru/document/cons_doc_LAW_410578/ ) established a special procedure for the execution of transactions involving securities between residents of the Russian Federation and "persons of foreign states committing unfriendly acts". According to the general rule stipulated by Decree No. 81, transactions involving securities between residents of the Russian Federation and "unfriendly persons" are only possible with the permission of the Government Commission for the Control of Foreign Investment in the Russian Federation (the Government Commission). The minutes of the Government Commission meeting of th...

Letter EAHCISS in response to Exante's policy change

Exante, a Cyprus based EU broker, informed clients that they effectively consider Russian shares to be frozen under sanctions. Clients were given the option to write off these shares completely and receive a tax credit (if applicable) or to continue holding these shares for a daily fee of € 25. 

EAHCISS considers the information provided by Exante to be factually incorrect and urged Exante to retract the information sent to its clients. The full response of EAHCISS can be read here: https://drive.google.com/file/d/1oFLBfX8pL44A3sGrBHs-28vXl_nicUja/view?usp=sharinghttps://drive.google.com/file/d/1oFLBfX8pL44A3sGrBHs-28vXl_nicUja/view?usp=sharing