By Kyle Morris


Severstal PAO said Wednesday that the Russian government has granted it permission to maintain its global depository receipts at stock exchanges outside of Russia.

The Russian steelmaker--which is majority owned by Alexey Mordashov, a Russian oligarch sanctioned by the EU and U.K.--said the rights of GDR holders will continue to be determined in accordance with the relevant agreements. GDR holders will continue to receive dividends and have voting rights.

The trading of Severstal's GDRs in London is currently suspended by the London Stock Exchange.

The Russian government passed a law on April 16 preventing ordinary shares underlying the GDRs from having voting rights and receiving dividends.

In recent days, companies including gas producer Novatek, gold miner Polyus PJSC and steelmaker Novolipetsk Steel have also been granted permission to continue trading its depositary receipts abroad.


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(END) Dow Jones Newswires

May 18, 2022 09:27 ET (13:27 GMT)

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