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...

Evraz updates - 25th of November 2025

Yesterday was the last day for submitting applications for obtaining Evraz NTMK shares for Evraz Plc shareholders. Congratulations to all that managed to apply successfully. 

Today there were two Evraz updates that we wanted to inform you about. 

1. Transfer of Rasp en Timir from Evraz Plc to Evraz KGOK 

Today Putin authorized the transfer of RASP ("Raspadskaya") and Timir shares from Evraz Plc to a subsidiary of Evraz NTMK (Evraz KGOK). Although we do not know the exact arrangement, it is likely that a lot of value was, or will be transferred from Evraz Plc to Evraz NTMK. 

2. Evraz NTMK announced a delay in sending transfer instructions 

Evraz NTMK announced today that, due to the high number of applications received, they need a bit more time to send out the settlement instructions. Evraz NTMK announced that they will now send the reference and settlement information between the 5th of December and 8th of December 2025. If you do not receive the settlement information from Evraz NTMK / ROST before the 9th of December you should contact ROST (NTMK@rrost.ru) on the 9th or 10th of December to raise an inquiry.