EAHCISS News (English)

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...

On the 8th of June 2026 JP Morgan announced that they have liquidated the shares underlying the ADRs of Sberbank: https://api.markitdigital.com/jpmadr-public/v1/cms/document?cmsId=520e5773254e470ba09e55b38bd59b9d&sequenceNo=1 JP Morgan sold the underlyings shares for $1.184027 per share, so $4.736108 per ADR. After fees and the correction for missing underlying shares due to forced conversion the cash distribution per ADR will be $4.476211 upon cancellation of the ADRs. The liquidation sale was executed at a significant discount to the current price at the Moscow Stock Exchange (MOEX) is approximately 322 Rubles per ordinary share (so 1,288 Rubles per ADR). JP Morgan has so far sold the underlying shares of four Russian ADR-programs at significant discounts to the share price at the MOEX: Sberbank, Magnit supermarkets, Mobile Telesystems and Novorossiysk Commercial Sea Port (NCSP). EAHCISS is trying to establish if ADR holders whose positions have been liquidated can now apply to c...

Today EAHCISS had a preparatory meeting with an member of the European Parliament (MEP) for the St. Petersburg International Economic Forum (SPIEF) at the European Parliament in Brussels. During the meeting a one-pager was presented and copies were provided to the MEP for meetings with Russian members of the Duma. The one-pager contains challeges identified by EAHCISS and proposed solutions. The one-pager is bilangual with one side in English and the other side in Russian. Our one-pager can be downloaded here: https://drive.google.com/file/d/143UdEwhk9tc84vwg-TcjkFpCVMTWPVHk/view?usp=sharing   There will also be at least one member of EAHCISS attending the Forum. We wish all attendees of the Forum fruitful meetings, conversations and dialogues.