JPMorgan No More A Depositary For Russia-Based Rosneft's GDRs

JPMorgan & Chase JPM has resigned as a depositary of global depositary receipts (GDR) of Russia's largest oil producer Rosneft RNFTF, Reuters reported.
Last month, JPMorgan & Chase started to allow holders of depositary receipts in Russian companies to cancel them, two sources familiar with the matter said, giving some investors a way to liquidate what has primarily been frozen holdings due to the conflict in Ukraine.
Some Russian companies have been granted permission from the government to keep their depositary receipts programs. Gas producer Gazprom OGZPY was among those who decided to cancel it.
Rosneft has not yet stated its plans for its GDR program. Rosneft's GDRs, issued in 2006, account for 4.8% of its total share capital.
Price Action: JPM shares closed 0.02% lower at $122.25 during after-hours trading on Tuesday.
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