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...

EAHCISS' guide to distribution of Evraz NTMK shares

On July 22, 2025, the Arbitration Court of the Moscow Region approved the Ministry of Industry and Trade’s request to suspend EVRAZ plc’s corporate rights over NTMK.

As a result, NTMK shares can be allocated among EVRAZ plc shareholders according to their ownership percentage, following Federal Law No 470-FZ. Russian citizens or residents holding EVRAZ plc shares must directly acquire NTMK shares, while non-residents may choose to do so. The shareholder register as of July 22, 2025, determines eligibility for NTMK share distribution for most transaction in the Russian Federation. Holders outside of Russia would normally need to have acquired the shares before on the 5th of August 2022. Eligible EVRAZ plc shareholders as of July 22, 2025, can apply for NTMK shares by submitting the required documents by November 24, 2025, as specified by regulation. EAHCISS created a guidance document to help investors. Investors can also use the paid assistance that is offered by a Russian law firm that EAHCISS has good experiences with. More information on this offer can be found in the guide. The guidance document can be downloaded here: https://drive.google.com/file/d/1zsRI1hTjwFFXeyWe446WaqusL0OG7uzI/view?usp=drive_link