(Reuters) – Citigroup 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 and JPMorgan & 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.
(Reporting by Sinead Cruise and Carolina Mandl, Editing by Franklin Paul)
