JPMorgan says it has resigned as depositary for Rosneft GDRs

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FILE PHOTO: A customer exits the lobby of JPMorgan Chase & Co. headquarters in New York

(Reuters) – JPMorgan & Chase has resigned as a depositary of global depositary receipts (GDR) of Russia’s largest oil producer Rosneft on May 13, the U.S. bank said on its website.

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 have largely been frozen holdings due to the conflict in Ukraine.

Several major Russian companies have listings abroad, which has always been a matter of prestige for them. But since Russia began what it calls a “special military operation” in Ukraine on Feb. 24, Western bourses have halted trading of Russian securities.

Some Russian companies have been granted permission from the government to keep their depositary receipts programmes. Gas producer Gazprom was among those which decided to cancel it.

Rosneft has not yet stated its plans about its GDR programme. Rosneft’s GDRs, issued in 2006, account for 4.8% of its total share capital.

(Reporting by Reuters; editing by Jason Neely)

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