{"id":915,"date":"2023-05-23T09:17:00","date_gmt":"2023-05-23T07:17:00","guid":{"rendered":"https:\/\/www.goldenstein-kanzlei.de\/?post_type=leistungen&#038;p=915"},"modified":"2026-04-27T11:45:28","modified_gmt":"2026-04-27T09:45:28","slug":"conversion-adrs-gdrs","status":"publish","type":"leistungen","link":"https:\/\/www.goldenstein-kanzlei.de\/en\/services\/conversion-adrs-gdrs\/","title":{"rendered":"ADR and GDR conversion 2025"},"content":{"rendered":" \n\n <div class=\"alignfull\">\n  <div class=\"johHero2 has-global-padding-override\">\n    <div class=\"is-layout-constrained\">\n      <div class=\"johHero2TextWrapper\">\n        <h1 class=\"johLayoutHeading\">\n          ADR and GDR conversion 2025        <\/h1>\n      <\/div>\n    <\/div>\n    <div class=\"johHero2BG\">\n      <img loading=\"lazy\" decoding=\"async\" width=\"1400\" height=\"957\" src=\"https:\/\/www.goldenstein-kanzlei.de\/wp-content\/uploads\/2023\/09\/adr-gdrb-1400x957.jpg\" class=\"attachment-large size-large\" alt=\"\" style=\"object-position: center %;\" srcset=\"https:\/\/www.goldenstein-kanzlei.de\/wp-content\/uploads\/2023\/09\/adr-gdrb-1400x957.jpg 1400w, https:\/\/www.goldenstein-kanzlei.de\/wp-content\/uploads\/2023\/09\/adr-gdrb-500x342.jpg 500w, https:\/\/www.goldenstein-kanzlei.de\/wp-content\/uploads\/2023\/09\/adr-gdrb-250x170.jpg 250w, https:\/\/www.goldenstein-kanzlei.de\/wp-content\/uploads\/2023\/09\/adr-gdrb-768x525.jpg 768w, https:\/\/www.goldenstein-kanzlei.de\/wp-content\/uploads\/2023\/09\/adr-gdrb.jpg 1500w\" sizes=\"auto, (max-width: 1400px) 100vw, 1400px\" \/>    <\/div>\n    <div class=\"johHero2Overlay\">\n      \n    <\/div>\n  <\/div>\n<\/div>\n\n\n<section class=\"johContent joh60_40\">\n  <div class=\"johContentText\">\n    <div class=\"acf-innerblocks-container\">\n\n<h2 class=\"wp-block-heading\">Conversion of ADRs- and GDRs: This is how it works<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Due to the sanctions against Russian companies, there continues to be great uncertainty surrounding private and institutional investments in so-called ADRs and GDRs. Anyone who does not exchange their depositary receipts for Russian companies into shares within the conversion windows set by Russia risks, in the worst case, a total loss of their investment. However, the conversion is associated with considerable practical challenges. That is why we at the Energy Law Firm Goldenstein have developed concrete solutions and are successfully supporting investors in the conversion of their DR holdings.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<script>\nvar gform;gform||(document.addEventListener(\"gform_main_scripts_loaded\",function(){gform.scriptsLoaded=!0}),document.addEventListener(\"gform\/theme\/scripts_loaded\",function(){gform.themeScriptsLoaded=!0}),window.addEventListener(\"DOMContentLoaded\",function(){gform.domLoaded=!0}),gform={domLoaded:!1,scriptsLoaded:!1,themeScriptsLoaded:!1,isFormEditor:()=>\"function\"==typeof InitializeEditor,callIfLoaded:function(o){return!(!gform.domLoaded||!gform.scriptsLoaded||!gform.themeScriptsLoaded&&!gform.isFormEditor()||(gform.isFormEditor()&&console.warn(\"The use of gform.initializeOnLoaded() is deprecated in the form editor context and will be removed in Gravity Forms 3.1.\"),o(),0))},initializeOnLoaded:function(o){gform.callIfLoaded(o)||(document.addEventListener(\"gform_main_scripts_loaded\",()=>{gform.scriptsLoaded=!0,gform.callIfLoaded(o)}),document.addEventListener(\"gform\/theme\/scripts_loaded\",()=>{gform.themeScriptsLoaded=!0,gform.callIfLoaded(o)}),window.addEventListener(\"DOMContentLoaded\",()=>{gform.domLoaded=!0,gform.callIfLoaded(o)}))},hooks:{action:{},filter:{}},addAction:function(o,r,e,t){gform.addHook(\"action\",o,r,e,t)},addFilter:function(o,r,e,t){gform.addHook(\"filter\",o,r,e,t)},doAction:function(o){gform.doHook(\"action\",o,arguments)},applyFilters:function(o){return gform.doHook(\"filter\",o,arguments)},removeAction:function(o,r){gform.removeHook(\"action\",o,r)},removeFilter:function(o,r,e){gform.removeHook(\"filter\",o,r,e)},addHook:function(o,r,e,t,n){null==gform.hooks[o][r]&&(gform.hooks[o][r]=[]);var d=gform.hooks[o][r];null==n&&(n=r+\"_\"+d.length),gform.hooks[o][r].push({tag:n,callable:e,priority:t=null==t?10:t})},doHook:function(r,o,e){var t;if(e=Array.prototype.slice.call(e,1),null!=gform.hooks[r][o]&&((o=gform.hooks[r][o]).sort(function(o,r){return o.priority-r.priority}),o.forEach(function(o){\"function\"!=typeof(t=o.callable)&&(t=window[t]),\"action\"==r?t.apply(null,e):e[0]=t.apply(null,e)})),\"filter\"==r)return e[0]},removeHook:function(o,r,t,n){var e;null!=gform.hooks[o][r]&&(e=(e=gform.hooks[o][r]).filter(function(o,r,e){return!!(null!=n&&n!=o.tag||null!=t&&t!=o.priority)}),gform.hooks[o][r]=e)}});\n<\/script>\n\n                <div class='gf_browser_gecko gform_wrapper gravity-theme gform-theme--no-framework' data-form-theme='gravity-theme' data-form-index='0' id='gform_wrapper_4' style='display:none'><div id='gf_4' class='gform_anchor' tabindex='-1'><\/div>\n                        <div class='gform_heading'>\n                            <p class='gform_description'><\/p>\n\t\t\t\t\t\t\t<p class='gform_required_legend'>&quot;<span class=\"gfield_required gfield_required_asterisk\">*<\/span>&quot; indicates required fields<\/p>\n                        <\/div><form method='post' enctype='multipart\/form-data' target='gform_ajax_frame_4' id='gform_4'  action='\/en\/wp-json\/wp\/v2\/leistungen\/915#gf_4' data-formid='4' novalidate>\n        <div id='gf_progressbar_wrapper_4' class='gf_progressbar_wrapper' data-start-at-zero=''>\n        \t<p class=\"gf_progressbar_title\">Step <span class='gf_step_current_page'>1<\/span> of <span class='gf_step_page_count'>2<\/span><span class='gf_step_page_name'><\/span>\n        \t<\/p>\n            <div class='gf_progressbar gf_progressbar_blue' aria-hidden='true'>\n                <div class='gf_progressbar_percentage percentbar_blue percentbar_50' style='width:50%;'><span>50%<\/span><\/div>\n            <\/div><\/div>\n                        <div class='gform-body gform_body'><div id='gform_page_4_1' class='gform_page ' data-js='page-field-id-0' >\n\t\t\t\t\t<div class='gform_page_fields'><div id='gform_fields_4' class='gform_fields top_label form_sublabel_below description_above validation_below'><div id=\"field_4_66\" class=\"gfield gfield--type-honeypot gform_validation_container field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_4_66'>URL<\/label><div class='gfield_description' id='gfield_description_4_66'>This field is for validation purposes and should be left unchanged.<\/div><div class='ginput_container'><input name='input_66' id='input_4_66' type='text' value='' autocomplete='new-password'\/><\/div><\/div><div id=\"field_4_5\" class=\"gfield gfield--type-multiselect gfield_contains_required field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_4_5'>Of which russian companies do you currently own ADR\/GDR?<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/label><div class='ginput_container ginput_container_multiselect'><select multiple='multiple' data-placeholder='Click to select...' size='7' name='input_5[]' id='input_4_5' class='large gfield_select'   aria-invalid=\"false\" aria-required=\"true\" ><option value='Joint Stock Company NOVATEK' >Joint Stock Company NOVATEK<\/option><option value='PJSC Federal Grid Company of Unified Energy System' >PJSC Federal Grid Company of Unified Energy System<\/option><option value='PJSC Federal-Hydro-Generating Company \u2013 Rus Hydro' >PJSC Federal-Hydro-Generating Company \u2013 Rus Hydro<\/option><option value='PJSC Gazprom' >PJSC Gazprom<\/option><option value='PJSC LSR Group' >PJSC LSR Group<\/option><option value='PJSC Lukoil' >PJSC Lukoil<\/option><option value='PJSC Magnitogorsk Iron and Steel Works' >PJSC Magnitogorsk Iron and Steel Works<\/option><option value='PJSC Mining and Metallurgical Company NORILSK NICKEL' >PJSC Mining and Metallurgical Company NORILSK NICKEL<\/option><option value='PJSC Mobile Telesystems' >PJSC Mobile Telesystems<\/option><option value='PJSC PhosAgro' >PJSC PhosAgro<\/option><option value='PJSC POLYUS' >PJSC POLYUS<\/option><option value='PJSC Rostelecom' >PJSC Rostelecom<\/option><option value='PJSC SERVERSTAL' >PJSC SERVERSTAL<\/option><option value='PJSC Surgutneftgas' >PJSC Surgutneftgas<\/option><option value='PJSC TATNEFT' >PJSC TATNEFT<\/option><option value='PJSC VTB Bank' >PJSC VTB Bank<\/option><option value='Gazprom Neft' >Gazprom Neft<\/option><option value='Rosneft Oil Company' >Rosneft Oil Company<\/option><option value='Sberbank of Russia' >Sberbank of Russia<\/option><option value='Sistema Public Joint Stock Financial Corporation' >Sistema Public Joint Stock Financial Corporation<\/option><\/select><\/div><\/div><div id=\"field_4_6\" class=\"gfield gfield--type-html gfield--width-full gfield_html gfield_html_formatted gfield_no_follows_desc field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><h3>Note<\/h3>\nAs Sberbank is on the European sanctions list, ADRs of the company (ISIN: US80585Y3080) unfortunately cannot be exchanged at the moment.<\/div><div id=\"field_4_8\" class=\"gfield gfield--type-html gfield--width-full gfield_html gfield_html_formatted gfield_no_follows_desc field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><h3>Note<\/h3>\n<p>Among others, you have selected a company for which an exchange of ADRs is unfortunately not possible at the moment, because they have either not terminated their ADR program or the status of the ADR program is still unclear. These companies include:<\/p>\n<ul>\n<li>Joint Stock Company NOVATEK<\/li>\n<li>PJSC Magnitogorsk Iron &amp; Steel Works<\/li>\n<li>PJSC PhosAgro<\/li>\n<li>PJSC POLYUS<\/li>\n<li>PJSC Rostelecom<\/li>\n<li>PJSC SERVERSTAL<\/li>\n<li>PJSC Surgutneftgas<\/li>\n<li>PJSC TATNEFT<\/li>\n<li>Rosneft Oil Company<\/li>\n<li>Sistema Public Joint Stock Financial Corporation<\/li>\n<\/ul><\/div><fieldset id=\"field_4_9\" class=\"gfield gfield--type-radio gfield--type-choice gfield--width-full johVertikalRadio gfield_contains_required field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label' >When did you acquire your russian ADR\/GDR?<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/legend><div class='ginput_container ginput_container_radio'><div class='gfield_radio' id='input_4_9'>\n\t\t\t<div class='gchoice gchoice_4_9_0'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_9' type='radio' value='Before 27th of April 2022 only'  id='choice_4_9_0' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_4_9_0' id='label_4_9_0' class='gform-field-label gform-field-label--type-inline'>Before 27th of April 2022 only<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_4_9_1'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_9' type='radio' value='Before and after 27th of April 2022'  id='choice_4_9_1' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_4_9_1' id='label_4_9_1' class='gform-field-label gform-field-label--type-inline'>Before and after 27th of April 2022<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_4_9_2'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_9' type='radio' value='After 27th of April 2022 only'  id='choice_4_9_2' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_4_9_2' id='label_4_9_2' class='gform-field-label gform-field-label--type-inline'>After 27th of April 2022 only<\/label>\n\t\t\t<\/div><\/div><\/div><\/fieldset><div id=\"field_4_10\" class=\"gfield gfield--type-html gfield--width-full gfield_html gfield_html_formatted gfield_no_follows_desc field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><h3>Note<\/h3>\nUnfortunately, it is currently not possible to exchange ADRs acquired after the 27th of April 2022.<\/div><div id=\"field_4_11\" class=\"gfield gfield--type-number gfield--width-full gfield_contains_required field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_4_11'>How many russian ADR\/GDR do you currently hold (number of units)?<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/label><div class='gfield_description' id='gfield_description_4_11'>An approximate estimate of the number of units is sufficient. ADRs of companies which are not listed under question 1 as well as ADRs of Sberbank should not be considered in this estimate.<\/div><div class='ginput_container ginput_container_number'><input name='input_11' id='input_4_11' type='number' step='any'   value='' class='large'    placeholder='e.g. &quot;120&quot;' aria-required=\"true\" aria-invalid=\"false\" aria-describedby=\"gfield_description_4_11\" \/><\/div><\/div><div id=\"field_4_12\" class=\"gfield gfield--type-select gfield--width-full gfield_contains_required field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_4_12'>What is the value of the ADR\/GDR you want to exchange?<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/label><div class='gfield_description' id='gfield_description_4_12'>An approximate estimate of the total value is sufficient.<\/div><div class='ginput_container ginput_container_select'><select name='input_12' id='input_4_12' class='large gfield_select'  aria-describedby=\"gfield_description_4_12\"  aria-required=\"true\" aria-invalid=\"false\" ><option value='' selected='selected' class='gf_placeholder'>Please choose one&#8230;<\/option><option value='12500' >1 &#8211; 25.000 Euro<\/option><option value='37500' >25.001 &#8211; 50.000 Euro<\/option><option value='62500' >50.001 &#8211; 75.000 Euro<\/option><option value='87500' >75.001 &#8211; 100.000 Euro<\/option><option value='100000' >More than 100.000 Euro<\/option><\/select><\/div><\/div><div id=\"field_4_13\" class=\"gfield gfield--type-html gfield--width-full gfield_html gfield_html_formatted field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  >Currently we can only support stock holders with a portfolio value above 75.000 Euro. However, you can leave us your contact information below. In this case we will contact you as soon as we are able to convert your ADRs.<\/div><fieldset id=\"field_4_14\" class=\"gfield gfield--type-radio gfield--type-choice gfield--width-full johVertikalRadio gfield_contains_required field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label' >Have your ADRs\/GDRs been encumbered by a stock loan or similar?<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/legend><div class='ginput_container ginput_container_radio'><div class='gfield_radio' id='input_4_14'>\n\t\t\t<div class='gchoice gchoice_4_14_0'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_14' type='radio' value='Yes'  id='choice_4_14_0' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_4_14_0' id='label_4_14_0' class='gform-field-label gform-field-label--type-inline'>Yes<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_4_14_1'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_14' type='radio' value='No'  id='choice_4_14_1' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_4_14_1' id='label_4_14_1' class='gform-field-label gform-field-label--type-inline'>No<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_4_14_2'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_14' type='radio' value='Partially'  id='choice_4_14_2' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_4_14_2' id='label_4_14_2' class='gform-field-label gform-field-label--type-inline'>Partially<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_4_14_3'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_14' type='radio' value='I do not know'  id='choice_4_14_3' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_4_14_3' id='label_4_14_3' class='gform-field-label gform-field-label--type-inline'>I do not know<\/label>\n\t\t\t<\/div><\/div><\/div><\/fieldset><fieldset id=\"field_4_15\" class=\"gfield gfield--type-radio gfield--type-choice gfield--width-full gfield_contains_required field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label' >Do you already have a current portfolio overview?<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/legend><div class='ginput_container ginput_container_radio'><div class='gfield_radio' id='input_4_15'>\n\t\t\t<div class='gchoice gchoice_4_15_0'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_15' type='radio' value='Yes'  id='choice_4_15_0' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_4_15_0' id='label_4_15_0' class='gform-field-label gform-field-label--type-inline'>Yes<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_4_15_1'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_15' type='radio' value='No'  id='choice_4_15_1' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_4_15_1' id='label_4_15_1' class='gform-field-label gform-field-label--type-inline'>No<\/label>\n\t\t\t<\/div><\/div><\/div><\/fieldset><fieldset id=\"field_4_16\" class=\"gfield gfield--type-radio gfield--type-choice gfield--width-full gfield_contains_required field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label' >Would you like to upload your portfolio overview now?<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/legend><div class='ginput_container ginput_container_radio'><div class='gfield_radio' id='input_4_16'>\n\t\t\t<div class='gchoice gchoice_4_16_0'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_16' type='radio' value='Yes'  id='choice_4_16_0' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_4_16_0' id='label_4_16_0' class='gform-field-label gform-field-label--type-inline'>Yes<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_4_16_1'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_16' type='radio' value='No'  id='choice_4_16_1' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_4_16_1' id='label_4_16_1' class='gform-field-label gform-field-label--type-inline'>No<\/label>\n\t\t\t<\/div><\/div><\/div><\/fieldset><div id=\"field_4_17\" class=\"gfield gfield--type-fileupload gfield--width-full field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='gform_browse_button_4_17'>File upload<\/label><div class='ginput_container ginput_container_fileupload'><div id='gform_multifile_upload_4_17' data-settings='{&quot;runtimes&quot;:&quot;html5,flash,html4&quot;,&quot;browse_button&quot;:&quot;gform_browse_button_4_17&quot;,&quot;container&quot;:&quot;gform_multifile_upload_4_17&quot;,&quot;drop_element&quot;:&quot;gform_drag_drop_area_4_17&quot;,&quot;filelist&quot;:&quot;gform_preview_4_17&quot;,&quot;unique_names&quot;:true,&quot;file_data_name&quot;:&quot;file&quot;,&quot;url&quot;:&quot;https:\\\/\\\/www.goldenstein-kanzlei.de\\\/?gf_page=70ccd56cd0d3d86&quot;,&quot;flash_swf_url&quot;:&quot;https:\\\/\\\/www.goldenstein-kanzlei.de\\\/wp-includes\\\/js\\\/plupload\\\/plupload.flash.swf&quot;,&quot;silverlight_xap_url&quot;:&quot;https:\\\/\\\/www.goldenstein-kanzlei.de\\\/wp-includes\\\/js\\\/plupload\\\/plupload.silverlight.xap&quot;,&quot;filters&quot;:{&quot;mime_types&quot;:[{&quot;title&quot;:&quot;Allowed Files&quot;,&quot;extensions&quot;:&quot;jpg,jpeg,png,pdf&quot;}],&quot;max_file_size&quot;:&quot;5242880b&quot;},&quot;multipart&quot;:true,&quot;urlstream_upload&quot;:false,&quot;multipart_params&quot;:{&quot;form_id&quot;:4,&quot;field_id&quot;:17,&quot;_gform_file_upload_nonce_4_17&quot;:&quot;97c31d03c8&quot;},&quot;gf_vars&quot;:{&quot;max_files&quot;:0,&quot;message_id&quot;:&quot;gform_multifile_messages_4_17&quot;,&quot;disallowed_extensions&quot;:[&quot;php&quot;,&quot;asp&quot;,&quot;aspx&quot;,&quot;cmd&quot;,&quot;csh&quot;,&quot;bat&quot;,&quot;html&quot;,&quot;htm&quot;,&quot;hta&quot;,&quot;jar&quot;,&quot;exe&quot;,&quot;com&quot;,&quot;js&quot;,&quot;lnk&quot;,&quot;htaccess&quot;,&quot;phar&quot;,&quot;phtml&quot;,&quot;ps1&quot;,&quot;ps2&quot;,&quot;php3&quot;,&quot;php4&quot;,&quot;php5&quot;,&quot;php6&quot;,&quot;py&quot;,&quot;rb&quot;,&quot;tmp&quot;]}}' class='gform_fileupload_multifile'>\n\t\t\t\t\t\t\t\t\t\t<div id='gform_drag_drop_area_4_17' class='gform_drop_area gform-theme-field-control'>\n\t\t\t\t\t\t\t\t\t\t\t<span class='gform_drop_instructions'>Drop files here or <\/span>\n\t\t\t\t\t\t\t\t\t\t\t<button type='button' id='gform_browse_button_4_17' class='button gform_button_select_files gform-theme-button gform-theme-button--control' aria-describedby=\"gfield_upload_rules_4_17\"  >Select files<\/button>\n\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div><span class='gfield_description gform_fileupload_rules' id='gfield_upload_rules_4_17'>Accepted file types: jpg, jpeg, png, pdf, Max. file size: 5 MB.<\/span><ul class='validation_message--hidden-on-empty gform-ul-reset' id='gform_multifile_messages_4_17'><\/ul> <div id='gform_preview_4_17' class='ginput_preview_list'><\/div><\/div><\/div><\/div>\n                    <\/div>\n                    <div class='gform-page-footer gform_page_footer top_label'>\n                         <input type='button' id='gform_next_button_4_18' class='gform_next_button gform-theme-button button' onclick='gform.submission.handleButtonClick(this);' data-submission-type='next' value='Next'  \/> \n                    <\/div>\n                <\/div>\n                <div id='gform_page_4_2' class='gform_page' data-js='page-field-id-18' style='display:none;'>\n                    <div class='gform_page_fields'>\n                        <div id='gform_fields_4_2' class='gform_fields top_label form_sublabel_below description_above validation_below'><div id=\"field_4_19\" class=\"gfield gfield--type-html gfield--width-full gfield_html gfield_html_formatted gfield_no_follows_desc field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><h3>Result<\/h3>\nAfter a summary review, a conversion of your ADRs by Goldenstein Business Law Firm is possible. However, due to the tight deadlines and the numerous requests, we are currently only able to accept a very limited number of mandates.\n<br>\n<br>\nPlease leave us all necessary contact information below and we will let you know by phone or email as soon as possible if we are currently able to process your case. If we are unable to accept your mandate at the moment, we will of course still keep you informed about possible deadline extensions or new exchange opportunities.<\/div><div id=\"field_4_20\" class=\"gfield gfield--type-html gfield_html gfield_html_formatted gfield_no_follows_desc field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><h3>Result<\/h3>\nAfter a summary check, a conversion of your ADRs by Goldenstein Business Law Firm is unfortunately not possible at the moment, as the value of your portfolio is below 75.000 Euro.\n<br>\n<br>\nHowever, you can leave us your contact information below. In this case we will contact you as soon as we are able to convert your ADRs.<\/div><div id=\"field_4_21\" class=\"gfield gfield--type-html gfield_html gfield_html_formatted gfield_no_follows_desc field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><h3>Result<\/h3>\nAfter a summary check, a conversion of your ADRs by Goldenstein Business Law Firm is unfortunately not possible at the moment, as you have acquired all ADRs\/GDRs after the 27th of April 2022. However, you can leave us your contact information below. In this case we will contact you as soon as we are able to convert your ADRs.<\/div><fieldset id=\"field_4_22\" class=\"gfield gfield--type-radio gfield--type-choice gfield--width-full gfield_contains_required field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label' >Title<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/legend><div class='ginput_container ginput_container_radio'><div class='gfield_radio' id='input_4_22'>\n\t\t\t<div class='gchoice gchoice_4_22_0'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_22' type='radio' value='Mr.'  id='choice_4_22_0' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_4_22_0' id='label_4_22_0' class='gform-field-label gform-field-label--type-inline'>Mr.<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_4_22_1'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_22' type='radio' value='Ms.'  id='choice_4_22_1' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_4_22_1' id='label_4_22_1' class='gform-field-label gform-field-label--type-inline'>Ms.<\/label>\n\t\t\t<\/div><\/div><\/div><\/fieldset><div id=\"field_4_31\" class=\"gfield gfield--type-text gfield--width-half gfield_contains_required field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_4_31'>First name<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/label><div class='ginput_container ginput_container_text'><input name='input_31' id='input_4_31' type='text' value='' class='large'     aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_4_32\" class=\"gfield gfield--type-text gfield--width-half gfield_contains_required field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_4_32'>Last name<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/label><div class='ginput_container ginput_container_text'><input name='input_32' id='input_4_32' type='text' value='' class='large'     aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><fieldset id=\"field_4_23\" class=\"gfield gfield--type-name gfield--width-full field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><legend class='gfield_label gform-field-label gfield_label_before_complex' >Name<\/legend><div class='ginput_complex ginput_container ginput_container--name no_prefix has_first_name no_middle_name has_last_name no_suffix gf_name_has_2 ginput_container_name gform-grid-row' id='input_4_23'>\n                            \n                            <span id='input_4_23_3_container' class='name_first gform-grid-col gform-grid-col--size-auto' >\n                                                    <input type='text' name='input_23.3' id='input_4_23_3' value=''   aria-required='false'     \/>\n                                                    <label for='input_4_23_3' class='gform-field-label gform-field-label--type-sub '>First name<\/label>\n                                                <\/span>\n                            \n                            <span id='input_4_23_6_container' class='name_last gform-grid-col gform-grid-col--size-auto' >\n                                                    <input type='text' name='input_23.6' id='input_4_23_6' value=''   aria-required='false'     \/>\n                                                    <label for='input_4_23_6' class='gform-field-label gform-field-label--type-sub '>Last name<\/label>\n                                                <\/span>\n                            \n                        <\/div><\/fieldset><div id=\"field_4_24\" class=\"gfield gfield--type-text gfield--width-full gfield_contains_required field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_4_24'>Phone<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/label><div class='gfield_description' id='gfield_description_4_24'>Please enter only one phone number in the format +491791245780\n<\/div><div class='ginput_container ginput_container_text'><input name='input_24' id='input_4_24' type='text' value='' class='large'  aria-describedby=\"gfield_description_4_24\"   aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_4_25\" class=\"gfield gfield--type-text gfield_contains_required field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_4_25'>E-Mail<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/label><div class='ginput_container ginput_container_text'><input name='input_25' id='input_4_25' type='text' value='' class='large'     aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_4_26\" class=\"gfield gfield--type-textarea gfield--width-full field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_4_26'>Additional information (optional)<\/label><div class='gfield_description' id='gfield_description_4_26'>If you would like to send us additional information about your case, you can do so here.<\/div><div class='ginput_container ginput_container_textarea'><textarea name='input_26' id='input_4_26' class='textarea small'  aria-describedby=\"gfield_description_4_26\"    aria-invalid=\"false\"   rows='10' cols='50'><\/textarea><\/div><\/div><fieldset id=\"field_4_27\" class=\"gfield gfield--type-consent gfield--type-choice gfield--input-type-consent gfield--width-full gfield_contains_required field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label gfield_label_before_complex' >Privacy policy<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/legend><div class='ginput_container ginput_container_consent'><input name='input_27.1' id='input_4_27_1' type='checkbox' value='1'   aria-required=\"true\" aria-invalid=\"false\"   \/> <label class=\"gform-field-label gform-field-label--type-inline gfield_consent_label\" for='input_4_27_1' >I agree to the processing of my data in accordance with the Privacy Policy for the purpose of responding to my inquiry.<\/label><input type='hidden' name='input_27.2' value='I agree to the processing of my data in accordance with the Privacy Policy for the purpose of responding to my inquiry.' class='gform_hidden' \/><input type='hidden' name='input_27.3' value='2' class='gform_hidden' \/><\/div><\/fieldset><div id=\"field_4_28\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_28' id='input_4_28' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='EN' \/><\/div><\/div><div id=\"field_4_29\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_29' id='input_4_29' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='' \/><\/div><\/div><div id=\"field_4_30\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_30' id='input_4_30' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='ADR' \/><\/div><\/div><div id=\"field_4_33\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_33' id='input_4_33' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='Kernkanzlei' \/><\/div><\/div><div id=\"field_4_34\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_34' id='input_4_34' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='true' \/><\/div><\/div><div id=\"field_4_35\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_35' id='input_4_35' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='ADR Neukontakt' \/><\/div><\/div><div id=\"field_4_36\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_36' id='input_4_36' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='' \/><\/div><\/div><div id=\"field_4_37\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_37' id='input_4_37' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='' \/><\/div><\/div><div id=\"field_4_38\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_38' id='input_4_38' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='' \/><\/div><\/div><div id=\"field_4_39\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_39' id='input_4_39' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='' \/><\/div><\/div><div id=\"field_4_40\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_40' id='input_4_40' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='' \/><\/div><\/div><div id=\"field_4_41\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_41' id='input_4_41' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='' \/><\/div><\/div><div id=\"field_4_42\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_42' id='input_4_42' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='' \/><\/div><\/div><div id=\"field_4_43\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_43' id='input_4_43' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='' \/><\/div><\/div><div id=\"field_4_44\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_44' id='input_4_44' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='' \/><\/div><\/div><div id=\"field_4_45\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_45' id='input_4_45' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='' \/><\/div><\/div><div id=\"field_4_46\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_46' id='input_4_46' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='' \/><\/div><\/div><div id=\"field_4_47\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_47' id='input_4_47' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='' \/><\/div><\/div><div id=\"field_4_48\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_48' id='input_4_48' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='' \/><\/div><\/div><div id=\"field_4_49\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_49' id='input_4_49' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='' \/><\/div><\/div><div id=\"field_4_50\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_50' id='input_4_50' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='https:\/\/www.goldenstein-kanzlei.de\/robots.txt' \/><\/div><\/div><div id=\"field_4_51\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_51' id='input_4_51' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='216.73.216.173' \/><\/div><\/div><div id=\"field_4_52\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_52' id='input_4_52' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='' \/><\/div><\/div><div id=\"field_4_53\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_53' id='input_4_53' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='https:\/\/www.goldenstein-kanzlei.de\/en\/wp-json\/wp\/v2\/leistungen\/915' \/><\/div><\/div><div id=\"field_4_54\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_54' id='input_4_54' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='' \/><\/div><\/div><div id=\"field_4_55\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_55' id='input_4_55' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='https:\/\/www.goldenstein-kanzlei.de\/en\/wp-json\/wp\/v2\/leistungen\/915' \/><\/div><\/div><div id=\"field_4_56\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_56' id='input_4_56' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='' \/><\/div><\/div><div id=\"field_4_57\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_57' id='input_4_57' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='' \/><\/div><\/div><div id=\"field_4_58\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_58' id='input_4_58' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='' \/><\/div><\/div><div id=\"field_4_59\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_59' id='input_4_59' type='hidden' 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In order to enable investors worldwide to still invest via their domestic banks and brokers, many Russian issuers have established so-called depositary receipt programs. In this system, shares are made tradable on international stock exchanges in the form of depositary receipts \u2013 American Depositary Receipts (ADR), Global Depositary Receipts (GDR), or European Depositary Receipts (EDR).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, since the beginning of Russia\u2019s war of aggression against Ukraine and the Western sanctions, this system has come under pressure. A law passed in Russia in 2022 obliges many issuers to terminate their DR programs and forcibly convert the receipts into Russian common shares. For investors, this means: within a predefined conversion window, the DRs must be exchanged \u2013 otherwise, a permanent loss in value threatens.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1400\" height=\"934\" src=\"https:\/\/www.goldenstein-kanzlei.de\/wp-content\/uploads\/2023\/10\/umwandlung-russischer-adrs-scaled-1-1400x934.jpeg\" alt=\"\" class=\"wp-image-917\" srcset=\"https:\/\/www.goldenstein-kanzlei.de\/wp-content\/uploads\/2023\/10\/umwandlung-russischer-adrs-scaled-1-1400x934.jpeg 1400w, https:\/\/www.goldenstein-kanzlei.de\/wp-content\/uploads\/2023\/10\/umwandlung-russischer-adrs-scaled-1-500x333.jpeg 500w, https:\/\/www.goldenstein-kanzlei.de\/wp-content\/uploads\/2023\/10\/umwandlung-russischer-adrs-scaled-1-768x512.jpeg 768w, https:\/\/www.goldenstein-kanzlei.de\/wp-content\/uploads\/2023\/10\/umwandlung-russischer-adrs-scaled-1-1536x1024.jpeg 1536w, https:\/\/www.goldenstein-kanzlei.de\/wp-content\/uploads\/2023\/10\/umwandlung-russischer-adrs-scaled-1-2048x1366.jpeg 2048w\" sizes=\"auto, (max-width: 1400px) 100vw, 1400px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Normally, the investor registers the conversion with their bank. The bank then forwards the request via Clearstream (the European DR depository) to the Russian National Settlement Depository (NSD), which ultimately books the shares into the investor\u2019s previously opened Russian securities account. Current sanctions and the complex onboarding process for opening such an account significantly complicate this procedure \u2013 making it all the more important to act early.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">These Russian Companies are ending their ADR and GDR Programs<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In April 2022, a law came into force in Russia that obliges issuers to terminate their depositary receipt programs and forcibly convert the receipts into Russian common shares. Following an initial wave (2022\/23), a second conversion round is currently underway, again with very short deadlines.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The program of <strong>TCS Group<\/strong> already ended on 26 June 2025.<\/li>\n\n\n\n<li>For <strong>MD Medical Group PLC<\/strong>, the conversion deadline ends on 25 September 2025 \u2013 immediate action is essential.<\/li>\n\n\n\n<li>For <strong>Etalon Group<\/strong> and <strong>CIAN PLC<\/strong>, final short conversion windows have been announced. There is still room to act, but this window is closing quickly.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Company<\/strong><\/td><td><strong>Expire date of the DR-program<\/strong><\/td><\/tr><tr><td>MD Medical Group PLC<\/td><td><strong>25\/09\/2025<\/strong><\/td><\/tr><tr><td>Etalon Group PLC<\/td><td><strong>open<\/strong><\/td><\/tr><tr><td>CIAN<\/td><td><strong>open<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Important:<\/strong> For all of the above programs \u2013 anyone who misses the deadline risks having their DRs written off as worthless. Therefore, act early and plan sufficient time for opening a Russian securities account, document certifications, and shipping to Russia.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-20959078 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-fill\"><a class=\"wp-block-button__link wp-element-button\">Get advice now<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">This is how the conversion of Russian Depositary Receipts works despite sanctions<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In general, the following applies: when converting Russian depositary receipts into common shares, swift action is required, as the respective conversion windows are strictly limited in time and the process is significantly more complex than it was before 2022.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One major problem remains that since summer 2022, Clearstream, as the European depository, has fundamentally refused to forward conversion requests without explicit sanctions approval, in order to prevent Russian depositories from profiting from the conversion processes. The EU responded to this in June 2023 by amending Regulation 269\/2014. Since then, brokers, banks, and depositories were able to apply for authorization from the German Bundesbank for each individual transaction up to 25 September 2023, provided the company in question is not listed on a sanctions list.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1400\" height=\"934\" src=\"https:\/\/www.goldenstein-kanzlei.de\/wp-content\/uploads\/2023\/10\/finanzieller-rettungsschirm-scaled-1-1400x934.jpeg\" alt=\"\" class=\"wp-image-918\" srcset=\"https:\/\/www.goldenstein-kanzlei.de\/wp-content\/uploads\/2023\/10\/finanzieller-rettungsschirm-scaled-1-1400x934.jpeg 1400w, https:\/\/www.goldenstein-kanzlei.de\/wp-content\/uploads\/2023\/10\/finanzieller-rettungsschirm-scaled-1-500x333.jpeg 500w, https:\/\/www.goldenstein-kanzlei.de\/wp-content\/uploads\/2023\/10\/finanzieller-rettungsschirm-scaled-1-768x512.jpeg 768w, https:\/\/www.goldenstein-kanzlei.de\/wp-content\/uploads\/2023\/10\/finanzieller-rettungsschirm-scaled-1-1536x1024.jpeg 1536w, https:\/\/www.goldenstein-kanzlei.de\/wp-content\/uploads\/2023\/10\/finanzieller-rettungsschirm-scaled-1-2048x1366.jpeg 2048w\" sizes=\"auto, (max-width: 1400px) 100vw, 1400px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">To simplify and accelerate the conversion process, Russian depositories are currently waiving fees for processing conversion requests. However, this practice by the Russian depositories can change at any time. As a result, investors can currently apply for the conversion of their ADRs without an exemption permit from the Bundesbank. Since it is not foreseeable if or when Russian depositories will once again impose fees, investors should act immediately to secure their investments and avoid, in the worst case, a total loss.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The greatest hurdle in most cases is the opening of a Russian securities account: without a Russian account, the registrar cannot credit the shares. Due to the geopolitical situation, notarizations, apostilles, and courier delivery are time-consuming. It is therefore all the more important to start the process in good time.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">And this is how it works:<\/h2>\n\n\n\n<div>\n        <div class=\"johIconList\">\n              <div class=\"johIconListItem\">\n          <div class=\"johIconListIcon\">\n                            <div class=\"johIconNumber\">\n                  1.\n                <\/div>\n                      <\/div>\n          <div class=\"johIconListText\">\n            <div class=\"johIconListHeading\">\n                          <\/div>\n            <div class=\"johIconListTextText\">\n              Check, with the aid of our form, whether you can convert your ADRs or contact us directly by telephone on +49 331 200 57 20 or by e-mail to adr@goldenstein-kanzlei.de            <\/div>\n          <\/div>\n        <\/div>\n              <div class=\"johIconListItem\">\n          <div class=\"johIconListIcon\">\n                            <div class=\"johIconNumber\">\n                  2.\n                <\/div>\n                      <\/div>\n          <div class=\"johIconListText\">\n            <div class=\"johIconListHeading\">\n                          <\/div>\n            <div class=\"johIconListTextText\">\n              We will examine your case at no cost to yourself and advise you with the best options for the conversion of your ADRs             <\/div>\n          <\/div>\n        <\/div>\n              <div class=\"johIconListItem\">\n          <div class=\"johIconListIcon\">\n                            <div class=\"johIconNumber\">\n                  3.\n                <\/div>\n                      <\/div>\n          <div class=\"johIconListText\">\n            <div class=\"johIconListHeading\">\n                          <\/div>\n            <div class=\"johIconListTextText\">\n              We will support you, together with our partners, in the conversion of your depositary receipts. We shall thereby minimise your expenditure as far as possible.             <\/div>\n          <\/div>\n        <\/div>\n              <div class=\"johIconListItem\">\n          <div class=\"johIconListIcon\">\n                            <div class=\"johIconNumber\">\n                  4.\n                <\/div>\n                      <\/div>\n          <div class=\"johIconListText\">\n            <div class=\"johIconListHeading\">\n                          <\/div>\n            <div class=\"johIconListTextText\">\n              Your ADRs have been converted to shares and your investment is no longer threatened with a total loss            <\/div>\n          <\/div>\n        <\/div>\n          <\/div>\n  <\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-20959078 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"#gform_wrapper_2\">Get advice now<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">The major depositary banks Citibank, J.P. Morgan, and BNY Mellon are currently opening or closing their books on a case-by-case basis depending on the program. For some non-sanctioned issuers, voluntary cancellations are once again possible; for sanctioned securities such as Inter RAO UES or Rosseti, the books remain closed. For Gazprom, an automatic conversion round managed by the Russian central depository has been running since 9 June 2025; the traditional route via the U.S. depositary bank is currently not required here.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since the book status notifications of the depositary banks often change within a matter of days, we check the current submission eligibility and applicable deadlines on a daily basis for each mandate. This ensures that your documents are submitted on time and through the technically correct channel.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Questions and Answers<\/h2>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>What are Depositary Receipts anyway?<\/summary>\n<p class=\"wp-block-paragraph\">Depositary receipts (DRs) are receipts issued for Russian shares. As Russian shares may only be traded on the Moscow Stock Exchange, many Russian companies have launched Depositary Receipt Programs. In the course of these, European and American credit institutions have taken Russian shares into custody and issued depositary receipts for them that were also tradable on western stock exchanges without any regulatory effort or expense.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Depending upon which stock exchange the Depositary Receipts are traded, these depositary receipts are designated as ADRs (American Depositary Receipts), GDRs (Global Depositary Receipts) and in part also as EDRs (European Depositary Receipts).<\/p>\n<\/details>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>Must I convert my Russian DRs in every case?<\/summary>\n<p class=\"wp-block-paragraph\">Whether you must convert your Russian Depositary Receipts depends upon your own individual investments. Russian companies such as Norilsk Nickel or Tatneft have, for example, been granted special permits to continue their DR programs. In these cases, there is therefore no acute need for action. It has, however, already been confirmed that trading in the DRs of major companies such as Gazprom, Gazprom Neft, the Sberbank, Magnit, Lukoil, Mobile TeleSystems, RusHydro, the VTB Bank, the LSR Group and the Federal Grid Company of Unified Energy System (FGC UES) will be ended. Furthermore, more companies will most probably be added to this list. Affected investors must therefore have their depositary receipts converted into shares if they do not want to risk a forced sale and a total loss of their own investment.<\/p>\n<\/details>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>Can I simply just keep my DRs?<\/summary>\n<p class=\"wp-block-paragraph\">Depositary receipts from companies whose DR programs end cannot be held for. The Russian DR programs expire at different dates and must be converted into common stock by then. Otherwise, they will be forcibly sold at a currently unknown price. After that it will no longer be possible to keep these DRs in your own depot. Otherwise, they will be forcibly sold at a currently unknown price.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, good news for affected investors is that even securities from depositary receipt programs that have already expired can still be converted into common shares in some cases. However, it is unclear how long this will be the case. Therefore, quick action on the matter is required.<\/p>\n<\/details>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>What will happen if I do not convert my Russian DRs?<\/summary>\n<p class=\"wp-block-paragraph\">If you do not convert your Russian Depositary Receipts to shares in time, the respective custodian bank will attempt to sell the share. Investors affected will then receive the respective sales proceeds minus any costs and fees incurred. However, it is currently unclear whether this will be possible, due to sanctions. Furthermore, even in the event of a sale, you are threatened with an enormous loss of value and, in the worst case, the total loss of your own investment. Finally, innumerable depositary receipts would then appear on the market at the same time. Investors from countries like China or Russia, on the other hand, would have the opportunity to benefit from the forced sale by buying up the securities from Western investors at low prices.<\/p>\n<\/details>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>How much time I have to convert my Russian Depositary Receipts?<\/summary>\n<p class=\"wp-block-paragraph\">All conversion deadlines set by Russia have actually already expired. But the good news is that a forced sale of affected securities has not yet taken place and the conversion of depositary receipts into actual shares has still worked in some cases even after a DR program has expired. However, it is unclear whether and for how long this will still be possible. In addition, the conversion is further complicated in part by the fact that European banks, brokers and custodians are partially blocking the conversion process and some of the US issuers of the ADRs have closed their books.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There was good news in spring 2023: After American issuers reopened their books for some ADR programs, conversion applications for these programs have already been partially successful. It often didn&#8217;t even matter whether the respective DR program had actually already expired.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, in June 2023, the EU Commission explicitly allowed brokers, financial institutions and custodians such as Clearstream to generally accept conversion applications relating to securities of non-sanctioned companies in future. Previously, the corresponding institutions had no longer accepted any corresponding conversion applications with reference to possible sanctions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We at the Goldenstein business law firm support investors in carrying out this process successfully and advise them free of charge on what preparatory measures can currently be taken and how a conversion can be successful now or in the future.<\/p>\n<\/details>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>Can I simply open a depositary account with a Russian bank and transfer my shares to that?<\/summary>\n<p class=\"wp-block-paragraph\">Opening a securities account with a Russian bank is currently associated with a great deal of effort for Europeans or European companies and sometimes even requires a local presence. We at the business law firm Goldenstein therefore help private and institutional investors to overcome these challenges together with our international partners in order to save European investments in the Russian market. We keep the effort as low as possible for our clients, so that, for example, no trips to Russia are necessary.<\/p>\n<\/details>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>Am I free to choose the bank that will hold my Russian shares in future?<\/summary>\n<p class=\"wp-block-paragraph\">Currently, only a few Russian banks offer to open deposit accounts for foreigners from \u201cunfriendly countries\u201d. We can therefore only offer you a limited selection of institutes, but of course we will coordinate the choice with you in advance. There are currently no account opening or account management fees for corresponding securities accounts. This means that there are no additional costs for you.<\/p>\n<\/details>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>I own DRs from various Russian companies. Can I transfer the deposited shares to one account?<\/summary>\n<p class=\"wp-block-paragraph\">The conversion of each class of ADR requires a separate conversion order to your bank. However, since we also verify the custody accounts opened in Russia for you, all classes of shares can be transferred to your custody account.<\/p>\n<\/details>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>When can I expect the exchanged shares to be deposited into my account?<\/summary>\n<p class=\"wp-block-paragraph\">Experience has shown that the conversion takes about six to eight weeks. As soon as the conversion of your depositary receipts into actual shares has been successful, they are immediately in your Russian custody account. Since online banking functions for Russian custody accounts from Europe are often not currently possible, our local partners will fetch physical account statements for you on request, which we will be happy to send to you as a digital scan or, if you wish, in paper form.<\/p>\n<\/details>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>Can I sell the converted shares immediately via my new custody account?<\/summary>\n<p class=\"wp-block-paragraph\">Dividends will be paid into a clearing account opened for you by us. A payment of the dividends to a German account or an account in the EU is not possible for the time being due to the existing sanctions. It is also currently not possible to predict when these options will be available again. However, the dividends paid out are collected on the respective clearing account until payment is possible and desired again.<\/p>\n<\/details>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>Will I receive dividends again after the conversion?<\/summary>\n<p class=\"wp-block-paragraph\">Dividends are paid out to the new clearing account at the respective custodian bank. However, the payment of dividends to a German bank account or an account in the EU is not possible for the time being due to the existing sanctions. It is also currently not possible to predict when these options will be available again. However, the dividends paid out are collected on the respective clearing account until payment is possible and desired again.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A separate application is currently required for the payment of dividends. Support with this is also part of our service portfolio.<\/p>\n<\/details>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>What does the exchange do for me if I have to hold the converted shares afterwards?<\/summary>\n<p class=\"wp-block-paragraph\">By converting your depositary receipts into actual shares, you can decide for yourself if and when you want to sell your securities. If you do not convert, the shares behind your DRs will be sold by the issuing bank on the open market as soon as the respective conversion period has expired and trading is possible again. Since at this time masses of shares from the respective companies will probably come onto the market, there is a high probability of massive price losses. But if you have converted your DRs, you can sell your shares when the price has recovered. Alternatively, you can of course also hold your shares, for example to benefit from dividend payments.<\/p>\n<\/details>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>Does the commercial law firm Goldenstein also offer an exchange of DRs from companies whose DR programs have been extended?<\/summary>\n<p class=\"wp-block-paragraph\">We also support you in the conversion of Russian DR classes whose DR program has not been terminated, provided they are not affected by sanctions and conversion is currently possible.<\/p>\n<\/details>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>I possess ETF with Russian shares. Do I have to convert these investments also?<\/summary>\n<p class=\"wp-block-paragraph\">No. Anyone who has invested in ETF with Russian shares need not concern themselves with anything at the present. In this case it is the ETF provider who is responsible for examining the conversion of Russian Depositary Receipts and, if need be, for implementing the same.<\/p>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>Must I transfer the ownership of my shares for conversion to third parties?<\/summary>\n<p class=\"wp-block-paragraph\">No. We of the business law firm Goldenstein will help you to rescue your investments in Russian Depositary Receipts without needing to transfer these to third parties. Together with our international partners, we will open a depositary account for you and take care of the conversion of your DRs to shares. We shall thereby be charging a fee only for our expenses.<\/p>\n<\/details>\n<\/details>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>Has the commercial law firm Goldenstein already successfully converted their clients&#8217; depositary receipts into shares?<\/summary>\n<p class=\"wp-block-paragraph\">Yes. Together with our partners, we have already mastered the conversion of our clients&#8217; depositary receipts many times over. However, we cannot give a conversion guarantee, since the requirements for a successful conversion change regularly. Of course, we react immediately to corresponding changes and, in this case, develop new solutions for our clients. You also benefit from the fact that half of our legal fees are only due once your securities have been successfully converted.<\/p>\n<\/details>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>Does the commercial law firm Goldenstein work together with Deeland Investments?<\/summary>\n<p class=\"wp-block-paragraph\">No. Deeland Investments has used texts from our website without our consent and sometimes even communicated on behalf of our firm. There is no cooperation between us and Deeland Investments and we reserve the right to take legal action.<\/p>\n<\/details>\n\n<\/div>\n  <\/div>\n  <aside class=\"johContentAside\">\n      <\/aside>\n<\/section>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"featured_media":708,"template":"","class_list":["post-915","leistungen","type-leistungen","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ADR and GDR conversion 2025 | Energiekanzlei Goldenstein<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.goldenstein-kanzlei.de\/en\/services\/conversion-adrs-gdrs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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