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 will meet with MEP before the St. Petersburg International Economic Forum

EAHCISS will meet a Member of the European Parliament (MEP) that will visit the St. Petersburg International Economic Forum and will meet with members of the Duma during the event. The goal of the meeting in Brussels is to discuss the challenges that European investors in Russia are facing. Unfortunately, EAHCISS is not able to send a representative to the Forum itself, but is looking forward to provide input via the meeting with the MEP in Brussels.