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JPMorgan No More A Depositary For Russia-Based Rosneft's GDRs

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  • JPMorgan & Chase (NYSE: JPM) has resigned as a depositary of global depositary receipts (GDR) of Russia's largest oil producer Rosneft (OTC: RNFTF), Reuters reported.

  • Last month, JPMorgan & Chase started to allow holders of depositary receipts in Russian companies to cancel them, two sources familiar with the matter said, giving some investors a way to liquidate what has primarily been frozen holdings due to the conflict in Ukraine.

  • Some Russian companies have been granted permission from the government to keep their depositary receipts programs. Gas producer Gazprom (OTC: OGZPY) was among those who decided to cancel it.

  • Rosneft has not yet stated its plans for its GDR program. Rosneft's GDRs, issued in 2006, account for 4.8% of its total share capital.

  • Price Action: JPM shares closed 0.02% lower at $122.25 during after-hours trading on Tuesday.

  • Photo via Wikimedia Commons

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