Russia GDRs face extinction on sanctions and market closures

Around 100 programmes hang in the balance after BNY Mellon resigns as depository bank for VTB

VTB Bank
Demian Stringer/ZUMA Wire/Alamy Live News

Banks could be forced to resign from Russian depositary receipt programmes en masse, as a prolonged closure of the Moscow Exchange and raft of sanctions aimed at Russian banks prevent international dealers from servicing companies in the region.

The London Stock Exchange has suspended trading in global depositary receipts (GDRs) and American depositary receipts (ADRs) referencing 36 Russian companies since Russia’s stock market shut its doors on February 25. Trading halts on 23 Russian entities

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