EAHCISS News (English)

Earlier this year we wrote about the change in legislation that removed the ban on dividend payments on Russian ADRs: https://news.eahciss.org/2026/01/current-situation-regarding-payments-of.html?m=1 . We have now been receiving confirmations from the Russian custodian banks that hold the ordinary shares underlying the ADRs that they are now again receiving dividends on the shares underlying the ADRs. However, one custodian bank also implied that it depended on whether the issuer had fully implemented the change in legislation yet. So some issuers may not have updated their payment process. Custodian banks only display the ISIN for the ordinary shares underlying the ADRs in their information sheets with application deadlines for payment in your own bank account. So investors are advised to first determine the ISINs of the shares underlying the ADRs they hold, before checking the application deadlines. If no individual application is made before the deadline, then the dividends on share...

We sent out the annual invoices to all members of EAHCISS today. You should be able to find the invoice in your e-mail inbox and in the online membership portal. We are aware that emails may sometimes end up in spam folders. Please do not hesitate to contact us at contact@eahciss.org if you did not receive an invoice or have any other issues or questions. Please contact us if you prefer to pay in USD and we will share our USD account details.

Earlier we asked for help to complete a survey. We can now share the results. We thank all investors that completed the survey. The raw data can be accessed here: https://docs.google.com/spreadsheets/d/1cxPFLwAuFP9hTeBWtWAC35GtuFztWdUM-PyNIhyY4Yw/edit?usp=drivesdk Our understanding is that many brokers have reconciliation problems where the number of ADRs administered does not match the number the custodian has in their books. In our opinion (EU) sanctions do not warrant the freezing of the funds. We will continue to follow this closely.

EAHCISS earlier announced that JPMorgan liquidated the shares underlying the Rosneft depositary receipts (GDR's): https://news.eahciss.org/2026/07/jp-morgan-liquidated-shares-underlying.html?m=1 JPMorgan confirmed in the notification that they received dividends on the shares underlying the GDR's since 2025 (see https://api.markitdigital.com/jpmadr-public/v1/cms/document?cmsId=88b769796a7f408d9386afac6a01fd3f&sequenceNo=7 ): "In February 2025, July 2025, January 2026 and July 2026, J.P. Morgan received dividends on the Rosneft Ordinary Shares underlying the outstanding DRs. However, distribution of dividends is not currently permitted under Russian regulations, which require these funds to be held in a restricted "type S" account in Russia. At such time that J.P. Morgan is permitted to do so, it will distribute such dividends pro rata among the Remaining DR Holders. J.P. Morgan cannot provide any assurance that any such additional distributions will be permit...

On the 21st of July 2026 JP Morgan announced that they have liquidated the shares underlying the ADRs of Rosneft: https://api.markitdigital.com/jpmadr-public/v1/cms/document?cmsId=88b769796a7f408d9386afac6a01fd3f&sequenceNo=7 JP Morgan sold the underlyings shares for $1.832142 per share, so $1.832142 per ADR. After fees and the correction for missing underlying shares due to forced conversion the cash distribution per ADR will be $$1.780982 upon cancellation of the ADRs. The liquidation sale was executed at a significant discount to the current price at the Moscow Stock Exchange (MOEX). The current MOEX price is approximately 345 Rubles per ordinary share (so 345 Rubles per ADR). JP Morgan has so far sold the underlying shares of five Russian ADR-programs at significant discounts to the share price at the MOEX: Rosneft, Sberbank, Magnit supermarkets, Mobile Telesystems and Novorossiysk Commercial Sea Port (NCSP). The liquidation by JP Morgan also makes it more easy to establish dam...

EAHCISS has been following the cash distribution by JPMorgan, as a result of the liquidation of the shares underlying the Sberbank ADRs (see https://news.eahciss.org/2026/06/jp-morgan-liquidated-shares-underlying.html?m=1 ), closely. We decided to give the process various weeks and many investors have now received the cash distribution. However many brokers have not yet credited the cash or wrongfully claim that the cash has been frozen due to sanctions. EAHCISS has set up a small survey to get a more precise overview of the current issues and will help us to determine which parties should be contacted by EAHCISS to increase pressure to distribute the payments. Please complete the survey if you possessed Sberbank ADRs at the time of liquidation by JPMorgan and share the survey with other investors. The survey can be accessed via this link: https://forms.gle/HRjTDbpKMrZDgBFP7 We plan to publish the results next week.

On June 1st 2026 Presidential Decree 377 was published ( http://publication.pravo.gov.ru/document/0001202606010019 ). This decree extended the type C regime, resulting from decree 95 from the 5th of March 2022, to payments resulting from bank (term) deposits.  At the time we did not write a post about this, because in our analysis the changes would not affect many retail investors, because the regime does not apply to current accounts used for normal banking payments, and because decree 95 only applies to monthly payments that are above the 10 million Rubles montly threshold.  Yesterday, the Central Bank of Russia confirmed our interpretation and stated ( https://www.cbr.ru/Crosscut/LawActs/File/12214 ) that the 10 million Ruble threshold is a monthly threshold per account holder and that normal current bank accounts are do not fall under the scope of the extension by decree 377. The Central Bank of Russia also confirmed that term deposits can be extended automatically, thereb...