Arrow Professional Business Group
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Russian assets in foreign accounts
Our services related to Russian assets in foreign accounts can be divided into two groups:
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receipt of dividends and coupons
Foreign holders of Russia-linked securities—stocks, bonds, and depositary receipts—have not received dividends and coupon payments since the imposition of sanctions against Russia by the US, the EU, and the UK, as well as Russia's counter-sanctions.
However, there is a procedure for applying for dividend and coupon payments through the Russian central depository NKO AO NRD for current distributions and from issuers for past payments from 2022–2024.
If these applications are approved, payments are made to ruble accounts opened in Russia—either regular accounts or "C-accounts", which are subject to certain restrictions depending on the investor's status under Russian law ("friendly" or "unfriendly").
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redomiciliation
There are companies that operate in Russia but are registered abroad, mainly in Europe. Examples include X5, YANDEX, OZON, and others. These companies have lost control over their Russian subsidiaries, and investors can no longer receive dividends that were previously transferred from Russia to foreign custodians.
As a result, some of these companies have initiated the redomiciliation process by decision of the Russian government. In this process, the foreign parent company loses its corporate rights over the Russian subsidiary, a new issuer is registered in Russia, local shares are issued, and an exchange takes place.
To participate, the investor must transfer their foreign shares to the new issuer and receive Russian shares in return. However, foreign brokers often refuse to transfer securities to Russia. In such cases, extensive documentation is required, including proof of ownership, identity verification, custody chain evidence, and other additional information.
The exchange process is time-sensitive. If an investor fails to participate on time, they will be left with worthless securities that cannot be used.
We assist investors in participating in the exchange of foreign shares for Russian shares as part of the redomiciliation process. Many companies have already completed this process, with only a few remaining, including OZON, FIXP, and others. A similar process – the exchange of Eurobonds – has also taken place, but it has already been completed.
Why are these services important?
These services are essential for investors who hold Russia-linked securities in accounts with foreign banks and brokers.
Applying for dividend payments in Russia allows investors to at least receive dividends in rubles. Simply waiting can take years, and it is uncertain whether the payments will ever be made, as this depends on the lifting of sanctions against Russia and counter-sanctions.
Participating in the redomiciliation process enables investors to receive tradable Russian shares, with which they can earn dividends. Those who do not participate risk being left with illiquid and ultimately worthless assets.