EAHCISS News (English)

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...

We have received some questions about the Sberbank dividends over 2022 and 2023. The dividends over 2022 for ordinary shares held via Western nominee holders were returned to Sberbank and can be claimed until the 21st of April 2026 (that is when the 3 year statutory period expires). The dividends over 2023 (distributed in 2024) for ordinary shares held via Western nominee holders were transferred to the type C accounts of these nominee holders (such as Interactive Brokers or Citibank). Interactive Brokers has indicated to clients that they are working on the reconciliation in regards to the dividends over 2023 (they have to work out which clients directly claimed these dividends via Raiffeisenbank Russia). Once this process is completed Interactive Brokers is expected to start displaying the Sberbank dividends that have been paid on ordinary shares in the accounts of investors. Dividends on depositary receipts have not been paid over the years 2022, 2023 and 2024. These dividends shoul...

Interactive Brokers has today started to display the payment of Sberbank dividends in the accounts of investors that hold ordinary Sberbank shares via Interactive Brokers (not ADRs). We have confirmed that the dividends over 2024 today showed up in these accounts of clients of Interactive Brokers. The process in which Interactive Brokers displays the dividends confirms the procedure following from the Central Bank of Russia decision that mandates that dividends that are not claimed via the Russian custodian (which is Raiffeisenbank Russia for Interactive Brokers) are forcefully credited to the type C account of the Western nominee holder (in this case Interactive Brokers LLC).

In this post we provide a sixth update on recent Russian court decisions.  Case 6: Forced conversion in 2025 as a result of an unjustified rejection of the request for forced conversion in 2022 The sixth case involves US citizen mr. Zlatin who owned 20,000 ADR's (depositary receipts) of Sberbank via the broker HilltopSecurities. Hilltop refused to carry out a request for standard conversion.  Mr. Zlatin therefore applied for forced conversion. Raiffeisenbank rejected this request because the documents did not meet the standards set by Raiffeisenbank to execute the request for forced conversion. Mr. Zlatin then went to court in Moscow. He filed his claim relatively late in April 2024. When the case came to an end at the end of 2024 the first rulings from the Supreme Court started to come back in other cases. The ruling by the Supreme Court in those other cases that stated that Raiffeisenbank had unjustly set unreasonable standards for forced conversion and forced transfer. This...

During today's AGM for Sberbank, that was held via video-attendance, the  shareholders approved the payment of dividends. The dividend over 2024 is 34.84 Rubles per ordinary share and will be paid to shareholders that hold shares at the end of day on July 18th 2025. ADR holders (holders of depositary receipts) will not be able to receive dividends, but may claim dividends after conversion of ADR's into ordinary shares. More information can be found here: https://www.sberbank.com/investor-relations/corporate-governance/annual-meeting-2025  

In this post we provide a second update on recent Russian court decisions. Case 2: Taking western brokers to court in Russia to transfer securities The second case involves the Cypriot company Lafourcad, that was owned by a Russian individual. Lafourcad wanted to transfer 6,360,000 shares of Sberbank from its account with EFG Bank Luxemburg to its account with the Russian broker Renaissance Capital. EFG Bank refused and mentioned sanctions as the reason to refuse the transfer. Lafourcad then sent an application to the competent sanctions authority in Luxemburg to get authorization for the transfer, which was rejected.  Lafourcad then took EFG Bank to court in Russia for refusing the transfer. The Russian custodian for EFG Bank, Rosbank, which held the Sberbank shares for EFG Bank, was also involved in the case a third party.  The Russian court determined that EFG Bank illegally refused to carry out the requested transfer and ordered Rosbank to carry out the transfer. As a re...