SCHIRP & Partner Rechtsanwälte mbB – EN - Kontakt
SCHIRP & Partner Rechtsanwälte mbB – EN - Kontaktieren Sie uns

Contact us

We’re there for you and look for­ward to your mes­sage. This is how you can reach us:

Tele­fon: +49 (0)30 – 327 617 0

E-​Mail: mail@​ssma.​de

All con­tact information


Cur­rently, hold­ers of Rus­sian de­pos­it­ary re­ceipts are re­ques­ted to ex­change them for the un­der­ly­ing ori­ginal shares. How­ever, a func­tion­ing ex­change pro­cess has not yet been established.

The pur­pose of de­pos­it­ary re­ceipts is to make shares that are not trad­able abroad trad­able non­ethe­less. The back­ground to this per­miss­ible de­tour is the dif­fer­ent re­quire­ments of na­tional le­gis­lat­ors for list­ing shares on dif­fer­ent trad­ing venues.

Rus­sian DRs are also de­pos­it­ory re­ceipts that cer­tify the right to own­er­ship of a share. The de­pos­it­ory re­ceipts are is­sued by so-​called DR pro­gram banks (also is­suers), mostly lead­ing in­ter­na­tional in­vest­ment banks such as Bank of New York Mel­lon (BNYM), Citi Bank or JP Morgan.

In April 2022, the Rus­sian le­gis­lature ordered the ter­min­a­tion of all DR pro­grams. As of April 27, 2022, DR hold­ers can­not ex­er­cise vot­ing rights or re­ceive di­vidends on the un­der­ly­ing shares. How­ever un­paid di­vidends can be claimed by a DR holder after re­turn­ing the DRs and re­ceiv­ing the un­der­ly­ing shares.

The ex­change of ADRs cur­rently faces sig­ni­fic­ant chal­lenges. Even in the case of ap­plic­a­tions for con­ver­sion sub­mit­ted on time, there has not yet been a com­pre­hens­ive re­sponse from the Gazprom Bank and Raif­feis­en­bank re­spons­ible for each DR. Even if the con­ver­sion has already been suc­cess­ful in in­di­viual cases, a large num­ber of in­vestors are still worried.


We will be happy to an­swer any ques­tions you may have. Please con­tact us by e-​mail at the fol­low­ing ad­dress: ADR@​ssma.​de.

How to reach us

Schirp & Part­ner Recht­san­wälte mbB
Leipzi­ger Platz 9
10117 Ber­lin, Germany

Phone: +49 (0)30 – 327 617 0
Fax: +49 (0)30 – 327 617 17
E-​Mail: mail@​ssma.​de

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Please take note that we can not answer consultatively here. If you happen to request that anyways, you may give us full power of attorney. For that, simply download this form, sign it and return it to us.

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