Dusseldorf Clearstream intends to accept applications for the conversion of depositary receipts from Russian shares into original paper again. This was announced by the European settlement and custody company at the end of last week. This is a glimmer of hope for thousands of German investors who have been stuck in Russian Depository Receipts (DRs) for months.
DRs are certificates that are often traded on foreign stock exchanges as a proxy for the stock. In the case of Russia, these are, for example, Gazprom, Lukoil or Sberbank. They are issued by American banks (DR agents) who keep the original shares safe.
In addition, the Russian central securities depository NSD announced that it would no longer charge any fees for the transfer of Russian shares to or from the custody accounts of DR agents by the end of this year. The fact that no Russian institutions are making money from the exchange is a prerequisite for ensuring that no Western sanctions against Russia are violated.
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