Citigroup allows clients to cancel depositary receipts in Russian companies – sources

2022.04.07 17:15

FILE PHOTO: The logo of Citibank is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. REUTERS/Sergei Karpukhin

(Reuters) – Citigroup (NYSE:C) has started to allow holders of depositary receipts in Russian companies to cancel them, two sources familiar with the matter said on Thursday.

Citi’s move follows steps taken by banks such as BNY Mellon (NYSE:BK) and JPMorgan (NYSE:JPM) & Chase in the last two weeks. After cancelling a depositary receipt, which are certificates issued by a bank representing shares in a foreign company traded on a local stock exchange, clients receive the underlying share in the Russian company.

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