Lukoil, Tatneft, Rostelecom, PhosAgro: conversion of depository receipts extended till 01 October 2024
Positive news for the holders of Lukoil, Tatneft, Rostelecom and PhosAgro depository receipts (DRs) – according to Citibank's recent announcement, Citi shall keep their books opened till 01 October. It means that currently the last day of conversion of these DRs will be on 30.09.2024.
This decision was taken in connection with the position of the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury, which authorized transactions with Russia's National Settlement Depository (NSD) till 12.10.2024.
MAGENTA Legal strongly recommends that DR holders file their instructions for the conversion of the above-mentioned DRs (and other DRs, if you have them) as soon as possible – although there is still time for DR holders to convert their DRs into shares, but it is better to do it now to avoid any potential unexpected restrictions from Citibank or OFAC.
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 even on 25.09.2024 does not guarantee that it will be immediately received and accepted by Citibank.
The information provided in this message is for general guidance only and does not constitute legal or financial advice. MAGENTA Legal accepts no liability for any actions (or inactions) based on the information provided. Please consult with your legal and/or financial advisor.