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...

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...

JSC Rakurs Invest, the custodian for the shares underlying the depositary receipts of Etalon, has now confirmed that, in accordance with Article 5 of the Federal Law of 04.08.2023 No. 452-FZ "On Amendments to Certain Legislative Acts of the Russian Federation", holders of depositary receipts (ADRs / GDRs) of ETALON GROUP PLC (ISIN US29760G1031) have the right to carry out forced conversion of depositary receipts into local Russian shares starting from July 08, 2026. This process does not require any cooperation from your Western broker and takes place under Russian law. The deadline for submitting documents for participation in the forced conversion is November 5, 2026 (inclusive).  More information can be found on the website of Rukurs Invest: https://rakursinvest.ru/services/conversion/ Given the complexity of the procedure, and the need to work with local Russian notaries and translators, we strongly advise to consider working with a local Russian representative and to sta...

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...