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...

Dividends on ADRs of Ozon

Earlier this month we wrote about the change in Russia legislation that allows for the payment of dividends on depositary receipts (ADRs) of all Russian issuers.

Earlier we also wrote about the dividend of 143.55 Rubles per Ozon share / depositary share that was approved by the general meeting of shareholders of Ozon on the 10th of December 2025, with a dividend registration record date of the 22nd of December 2025.

Ozon has now published the procedure for the payment of the recent dividend to ADR holders. The procedure is similar to claiming dividends of other issuers. Applications for the payment of dividends can be submitted up to the 20th of February 2026 to the registrar of Ozon, which is Register Proton.

The full procedure is published on the website of Ozon under the header 'dividends': https://ir.ozon.com/corporate-governance

It is our understanding that the dividends that are not claimed by investors directly before the 20th of February 2026 will be stuck in a type C account opened in the name of Bank of New York (BNY) as the depository bank for Ozon depositary receipts.