Lukoil, Tatneft, Rostelecom, PhosAgro: conversion of depository receipts to stop on 01 August 2024
Important news for the holders of Lukoil, Tatneft, Rostelecom and PhosAgro depository receipts (DRs) – according to Citibank's recent announcement, on 01 August Citi close their books. It means that currently the last day of conversion of these DRs will be on 31.07.2024.
This decision was taken in connection with sanctions imposed by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury against Russia's National Settlement Depository (NSD), which is an important chain in the conversion procedure – Citibank announced that it would no longer process DR cancellation requests for Russian DR programs on and after 01.08.2024, which leaves DR holders with very little time to convert their DRs into shares.
MAGENTA Legal strongly recommends that DR holders file their instructions for the conversion of the abovementioned DRs (and other DRs, if you have them) as soon as possible.
Please keep in mind that both the broker and Clearstream will take some time to process the instruction and submit it to Citibank, so submitting an instruction on or before 31.07.2024 does not guarantee that it will be immediately received and accepted by Citibank.