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Compensation from broker for Russian CFD (contract for difference)

The UK Financial Ombudsman has ordered Interactive Brokers (IB) to compensate an investor that invested in a Russian CFD (contract for difference). In this case the CFD was for 10.000 Sberbank ordinary shares. Interactive Brokers refused to close the position because they could not trade the underlying Sberbank shares Interactive Brokers had bought to cover the CFD contract. From March 2022 onwards, IB raised the margin required for the position to 100%. By August 2024 the interest alone charged on the position had amounted to around USD $12,000.  The European Securities and Markets Authority (ESMA) introduced a margin close-out rule in 2018 that states that CFD providers have to close positions once the net asset value in the investor's account drops to 50% of the required margin. The Financial Ombudsman ruled that Interactive Brokers was required to stop charging interest and other charges on the CFD position once they had to close the position on the basis of the ESMA 50% margin...
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O'key Group to delist from AIX

On April 10, 2026, the Gerenal Meetingof O'KEY GROUP S.A. decided to suspend trading on the AIX (Astana International Exchange) in the Group's global depositary receipts (ISIN US6708662019) from May 8, 2026 and to terminate trading and exclude these GDRs (ISIN US6708662019) from the official list of the AIX from May 13, 2026. O'key Group GDRs have also been listed on the Moscow Exchange since December 2020. It is planned that after delisting from AIX, the GDR program will continue to be traded on the Moscow Exchange. More information can be found here: https://okeygroup.lu/press-center/press-releases/2026/2033/
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Nanduq (formerly known as Qiwi) buyback offer

Nanduq (formerly known as Qiwi) has launched a buyback tender offer for its depositary shares (ISIN US74735M1080). Nanduq is offering 4.3 USD per depositary share. Shareholders can sign up for the tender offer until the 17th of April. More information on the buyback offer can be found on the website of Nanduq: https://nanduq.com/investors/buyback/
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Sberbank dividends over 2022 and 2023

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...
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X5 has now largely executed a mandatory conversion of X5 Global Depositary Receipts into Dutch Depositary Receipts

X5 Netherlands has notified investors that BNY has assisted in the mandatory conversion of X5 Global Depositary Receipts into Dutch Depositary Receipts. Holders that participated in the share distribution of X5 Russia are effectively denied ownership of X5 Netherlands shares. Investors can self declare that they did not participate in the share distribution of X5 Russia and become a Qualified shareholder (via Dutch Depositary Receipts) in X5 Netherlands. Only Qualified shareholders can transfer depositary receipts and participate in the planned cash distribution. More information can be found here: https://x5.com/wp-content/uploads/2026/03/stage-one-announcement_final.pdf
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Evraz Russia foreclosed on assets of Evraz PLC

The Moscow Arbitration Court earlier ruled on the claim of PJSC EVRAZ (Evraz Russia) for debt collection in the amount of 97,588,032,616.97 rubles against Evraz Plc, as well as on foreclosure on property to repay the above-mentioned debt from Evraz Plc. On April 01, 2026, PJSC EVRAZ executed the court’s decision by foreclosing on the property of EVRAZ plc. This information was disclosed by Evraz PLC on the 3rd of April 2026: https://www.evraz.com/en/news-and-media/press-releases-and-news/evraz-plc-announces-the-entry-into-force-of-the-decision-of-the-moscow-arbitration-court-on-the-clai/
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Payment of Sberbank dividends displayed in Interactive Brokers

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).
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NSD did not extend the period of fee waiving

Shortly after the NSD (the Russian central securities depository) was placed on the sanctions list by the EU, NSD started waiving fees. This was done to allow for certain transactions to continue (such as the conversion of depositary receipts into ordinary shares), without a payment being made to NSD as a sanctioned entity. This fee waiving period lasted until the 31st of December 2025 and has since not (yet?) been extended (see https://www.nsd.ru/en/tariffs/ ). We earlier noted that Russian securities in type C accounts (including the ordinary shares underlying depositary receipts) were transferred back to NSD after NSD had been cut out of the chain of custody for a while after NSD was sanctioned by OFAC (see Decree 840 of the 2nd of October 2024, that wasn't extended).  Unfortunately, this means that the NSD may levy charges again for a transfer of securities out of the account of the depositary banks and foreign nominee holders. Hence one would require an authorisation from comp...
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