Central Bank of Russia resumes automatic conversion of depositary receipts into Russian issuer shares from 9 June 2025

The Central Bank of Russia has set the procedure for a second round of automatic conversion of depositary receipts into shares of Russian issuers, with the process resuming from 9 June 2025. The conversion extends to depositary receipts issued under programmes terminated pursuant to the law. Only depositary receipts recorded by Russian depositories at the time of the procedure will be eligible. Issuers must notify the depository holding the underlying shares no later than 17 June 2025, and operations with the depositary receipts must be suspended until the conversion is completed. Depositories will write off the receipts from depository accounts and credit the corresponding Russian shares, with no action required from investors, whether resident or non-resident; the process is expected to take no more than one month. The automatic conversion will also apply to depositary receipts under programmes that have been extended as stipulated by the Russian Government, with conversion to be carried out after the relevant programme is terminated.