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...

Join the EAHCISS Open Mic event (in German)

Sunday the 5th of October 2025 at 10:30 CEST we will host an EAHCISS Open Mic event in German. The goal is to facilitate conversion between like minded investors. Topics that may be touched are geopolitics, investments, and the further development of EAHCISS.

This session will be in German. We consider hosting monthly social Open Mic events in English and German if there is interest for these events. The Open Mic event will be hosted via the Discord group. Feel free to join us on the 5th of October via: https://discord.gg/mdaVZY92?event=1419256846547419287