From August 1, the American Citibank will stop converting Russian bills. This applies to five Russian issuers: Lukoil, En+ Group, Tatneft, Rostelecom and Phosagro. Vedomosti writes about this.
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US Citibank to stop converting Russian bills
On June 12, the US Treasury listed the Moscow Exchange on SDN-lost. The sanctions have affected Russian banks’ transactions with currency swaps in dollars and euros, the main instruments they use to hedge currency risk. The site has stopped trading in euros, dollars, Hong Kong dollars and derivative financial instruments (derivatives) in these currencies.
The UK, following the US, added the Moscow Stock Exchange to its sanctions list. In total, 40 legal entities and individuals were added to London’s sanctions list.
Citibank advised issuers and other investors to begin the process of cancelling their notes as quickly as possible. The bank also reserved the right to suspend the conversion of receipts until August 1 if necessary. In addition, they will not be able to help you open accounts in Russia to receive converted shares.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
