Novatek GDRs
May 13 (LNGJ) – Novatek, the Russian natural gas company and operator of the Yamal LNG plant in northern Siberia and the Arctic LNG II project hit by sanctions over the Ukraine invasion, has issued a notice through the London Stock Exchange on continuing its Global Depository Receipt (GDR) trading. “The Russian Federation Government Commission on Monitoring Foreign Investment authorized Novatek not to terminate its Global Depository Receipt (GDR) program and to continue GDR circulation outside the Russian Federation,” said the statement.
Novatek's GDRs are listed in London but are suspended from trading in the UK alongside securities from other Russian companies like Gazprom. The Russian government passed a law in April preventing ordinary shares underlying the GDRs from having voting rights and receiving dividends. Gazprom terminated the circulation of its GDRs after it was told to by the government while also being black-listed in many jurisdictions like the US and Europe.
