Partner Grigory Marinichev is quoted by Reuters in an article about ongoing complications global investors and banks may face when converting depositary receipts (DRs) of Russian companies into ordinary shares in compliance with a new Russian law.
“To a certain extent, this resulted in double counting because, without a reconciliation between Russia and foreign banks, an investor could get Russian shares and still hold the DRs at the foreign bank.” Grigory said, commenting on the impact of Russia introducing the “forced conversion procedure.”