Page 129 - RusRPTJul22

8.3.3 ECM news
Under the new legislation that bans foreign equity listings for Russian issuers the Finance Ministry has reviewed requests by 19 companies and denied maintaining foreign listings to four companies, RBC business portal reports citing the ministry.
The ministry did not provide further details, but previous reports claimed that natural gas giant Gazprom and Russia’s largest state-controlled bank Sber (Sberbank) will delist abroad.
Another 15 companies that the ministry also did not specify were allowed to maintain foreign listings, but the FinMin recommended they seek to trade depository receipts on the stock exchanges based in “friendly” countries.
The “unfriendly” countries under the decree of the President Vladimir Putin include:
The 27 European Union member states Australia,
Albania,
Andorra,
United Kingdom (including the island of Jersey and controlled overseas territories: Anguilla, British Virgin Islands, Gibraltar),
Iceland,
Canada,
Liechtenstein, Micronesia, Monaco,
New Zealand, Norway,
The Republic of Korea, San Marino
North Macedonia, Singapore,
USA, Taiwan, Ukraine, Montenegro, Switzerland, Japan
129 RUSSIA Country Report October 2020 www.intellinews.com