News

Information is current as of 20 July 2026

Since April 2022, Russian legislation (Federal Laws No. 114-FZ and 452‑FZ) introduced a rule under which dividends on depositary receipts (more precisely, on shares held in the depo accounts of depositary programmes) were not paid out, although they continued to be accrued. In other words, a formal ban on dividend payments under depositary programmes was in effect for more than three years. On 28 November 2025, this ban was lifted.

According to Article 16 of Federal Law No. 431‑FZ, holders of receipts who receive Russian shares upon conversion (cancellation) of depositary receipts may claim dividends that have been accrued on such shares but have not been paid.

The right to dividends arises exclusively for the person who is the owner of the security on a certain fixed date – the record date (in some cases referred to as the “cut‑off date” or “record‑fixing date”). That is, in order to receive dividends for 2025, it is necessary to be recorded as a shareholder of Sberbank shares on 20 July 2026.

Special aspects of receiving dividends

Several scenarios are possible here:

1. Sberbank shares are held in a Russian depository

The investor does not need to do anything additionally; dividends will be credited automatically. If the investor is “unfriendly”, the dividends will be sent to a “Type‑C” account.

2. Sberbank shares are held with a foreign intermediary (e.g. Interactive Brokers, UBS)

If the securities of a Russian issuer are not recorded directly in the Russian settlement infrastructure but through a foreign broker, dividend payments for 2025 are possible. According to information from the depository, dividends for 2023‑2024 have been credited to the foreign depository’s “Type‑C” accounts without the possibility of being returned. Thus, the chances of receiving “live” money when applying in 2026 are minimal or non‑existent.

3. Non‑converted depositary receipts (which have been redeemed)

Sberbank’s depositary receipt programme was liquidated by JPMorgan Chase on 8 June 2026 at a price determined based on the quotation of 13 March 2026 (RUB 316.65 per share). Holders of non‑converted receipts (i.e. those that were not converted into Russian shares) are due compensation of approximately USD 4.5 per receipt. This compensation represents the liquidation value of the instrument itself. At present, especially in the absence of clarifications from the issuer itself, it is impossible to give a definitive answer as to whether it is possible to receive dividends on already redeemed receipts. However, in light of the circumstances, we believe that receiving such a payment is unlikely.

For your convenience, the table below shows Sberbank’s latest dividends:

If you need assistance in obtaining dividends, please contact us at info@magenta.legal.