How to convert Gazprom ADRs and other Russian DRs to local shares

According to the Russian administration’s decision in April, all shares of Russian companies traded on stock exchanges outside the US must be delisted. The deadline for that seems to be August 3rd, thus if you want to keep your shares you must transfer them to a Russian broker.

If you bought Gazprom at $2.85 per share as I did, your return is currently 166% as the Moscow share is traded a 244 rubles, equivalent to a share price of $7.6 (each unit traded in the US or London is equivalent to 2 units traded in Moscow). Thus, it is worth the effort.

How to convert the ADRs to local shares traded on the Moscow stock exchange?

All the details are in Gazprom’s publication here (in Russian, translated into English with Google):

(You can download a PDF version of the above page from this link if the website doesn’t load)

Please note: I am not a legal expert, I do not know in depth the details of the sanctions on Russia, so the things I am writing here are based on my personal understanding of Gazprom’s publication. I recommend that you read things carefully before submitting the forms.

Step 1: Open a Russian account to transfer the shares to

Assuming you are not a Russian citizen and do not have a bank account in Russia, the next step is to open a sort of dedicated account only for storing the shares in Gazprom’s bank (yes, Gazprom also has a bank…). This is called a depo account of type C.

To do this, fill in one of the following questionnaires:

Questionnaire 1 if your trading account is a private account.

Questionnaire 2 If your trading account is registered under a company name.

US citizens should also fill out this W-9 form.

and send it to Gazprombank to this email address:

After the account is opened and you get the account number you can move on to the third and final step.

Step 2: Contact your broker and ask to transfer the ADRs to you Gazprombank account

Contact your broker that currently hold the Gazprom shares for you and ask him to submit a request to transfer your units to the Russian Depository Trust Company (DTC) to an account with the following details:

Member number: 2504

Account number: 016201

Operation type: FOP

Step 3: Contact the custodian and ask him to convert the ADRs to common shares

Send the following two forms to BNY Mellon (the custodian of Gazprom ADRs) at the email address after you have filled in your details in the required places :

Appendix 1

Appendix 2

In Appendix 2, fill in the following details:

Russian Issuer: Gazprom OGZD for London ADRs or Gazprom OGZPY for US ADRs.

DRs Canceled: the number of units that you hold in your account

DR ISIN / CUSIP: in London US3682871088, in USA US3682872078

Executing bank / broker-dealer: The name of your broker

Account receiving Shares in Russia: Write down the account number you received at Gazprom Bank

Date: the settlement date for converting the ADRs.

I will keep you updated if there are any new developments.

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43 Comments on "How to convert Gazprom ADRs and other Russian DRs to local shares"

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  1. marcobaruzzi0 May 21, 2022 |
    Very helpful article, but can Gazprombank receive other Russian ADRs, or Gazprom ADR is the only one that can be transferred?
    • I think they can, but you’ll have to ask them directly.
      • I am preparing to do this operation. One thing I do not understand actually two. 1) “Russian Depository Trust Company” If all people sent thier ADR to this one specific account number 016201 how they would know that there is specific amount of units thats belong to me? 2. BNY Mellon in thier published letter regarding termination of Gazprom ADR only mention OGZPY not OGZD. Would it work for OGZD too?
        • 1. They have the name of the holder, thus know who its belong to. 2. Yes it will work for the US ADR as well, but you have to mention it in the forms.
    • No, It is explicity written you can transfer only gazprom shares.
      • marcobaruzzi0 May 26, 2022 |
        I just opened a type C account and I can only transfer Gazprom shares. However, there is an additional process (that would require a local Russian lawyer) to “upgrade” the account and make it able to receive all the Russian ADRs.
    • To be more specific: Please note that only shares of PJSC Gazprom obtained in a result of the conversion of depositary receipts can be credited to the owner’s type “C” securities account opened in a simplified procedure, other shares can be credited to this account only after passing identification in accordance with the requirements of the Legislation of the Russian Federation on AML/CFT.
    • After creating a Type “C” account and converting OGZPY shares you will be able to credit other ADR shares to the account, but what you can do once they’re there is anyone’s guess. There’s a 6/6/22 post under thomascresh from Gazprom Bank with the details:
      • Correction- the thomascresh 6/6/22 post with Gazprom Bank conversion details is in the comments for the post on the $LUKOY link:
  2. The links in the above article do not work for me. Do I need to use a VPN?
    • It works fine for me. Check that your web browser doesn’t block it. In any case, I insert a link to download a PDF version of the page.
    • Those may not work becasue of censorship in the west russian web sites. In Poland for example you can’t visit even not saying etc.. You can use VPN or it is easier to use webproxy like
    • The links would not work from my home computer or my work computer (I am in the US). I downloaded and installed ProtonVPN (free) and connected to a server in Japan. The links then worked fine.
  3. whisker-click0l June 3, 2022 |
    Trying to go through this; apparently the questionnaire form has been updated, and I am waiting for a Gazprombank representative to point me to the correct form – it should be one from here ( but not completely sure which one. Has anyone gone through the “upgrade” in order to deposit shares from other cancelled ADRs (Lukoil in my case)? Or other venues where shares from cancelled (Lukoil) ADRs may be deposited?
    • I uploaded the new questionnaire form that Gazprombank is asking for. See it in the text.
      • I am from Europe using “Exante” brooker. Looks it is not possible to transfer ADR as they are saying that BNY Mellon account would need to be on my name or they could loose the license.
        • BNY Mellon is just the custodian of the ADRs, thus the transfer of the ADRs is between your broker and the Russian bank that receives the shares. So I see no problem with this transaction. But, you can ask BNY Mellon about it.
          • dkonash June 7, 2022
            Hi Yinon, very useful post, thanks! Have you submitted these two forms to BNY Mellon via email and have they actually responded to you? How much time did it take them to come back?
          • Until now no broker has successfully transferred the shares to a Russian broker/bank, but they are working on a solution for this issue. Let’s hope it will work eventually.
          • kaczyleb007 June 7, 2022
            ADRs are required ti be transfered to BNY Mellon. Then BNY Mellon is transfering local shares that they keep in thier deposit to russian bank.
    • Link to the Gazprom Bank forms: Note that if you’re a US citizen you’ll have to include a W-9. Email completed forms to: I just sent mine today, but have seen other posters who have their accounts.
  4. Had anyone actually converted the GAZPROM ADR to ordinary shares? I know there’s cases which successfully converted the SBRCY ADR to ordinary shares
  5. Is there a deadline for converting ADRs to shares? What happens if the ADRs are not converted? I would think that the big institutional holders of Russian shares will figure out a way to mitigate their losses. 401k’s and IRA’s are likely stuffed with Russian shares.
    • The ADRs will be delisted on August 3rd 2022 if not converted to common shares.
      • What’s the consequence after the ADR is canceled?
        • They might still appear in your account but they can’t be sold anymore.
          • 171885387 June 9, 2022
            Until end of the war?
          • No. They will be delisted and cannot be sold anymore.
      • Russian ADRs don’t all have the same termination date. $OGZPY ADRs will be terminated August 3rd. $LUKOY ADRs will terminate on December 30th.
  6. Thanks Yinon for posting this very useful information. I just spoke with a BNY Mellon rep- Charlene, who was very helpful. As the OGZPY depositary they can process the conversion/transfer for shares held by any broker so you can bypass step 2 in your initial post and, once you establish a Gazprom Bank Type “C” account, start by either: A) calling BNY Mellon 888-269-2377 and telling them to send an email to their conversion department to request to convert your ADRs, or B) emailing their conversion dept. directly with the email you posted. If initiated by BNY Mellon, their conversion dept. will email you to obtain details about the account(s) where ADRs are held as you indicated. BNY Mellon will first convert the ADRs and then transfer the Russian shares to your Gazprom Bank account. Since both brokers holding my ADRs (Schwab and Merrill) seem clueless, I will feel better taking them out of the picture.
    • Thank you for this important information.
    • Exellent info! Thank you do much. Conversion departament email you mean
    • may i know if you have completed the conversion?
      • not yet. It’s still pending
    • If the brokers are clueless, how could you complete the conversion?
    • I did “B) emailing their conversion dept. directly with the email you posted.” Got answer like this: in order to surrender your Russian DRs for the receipt of the underlying Russian shares, you will need to ask your broker to arrange to have the DRs presented to BNY Mellon along with valid delivery instructions for the Russian securities. Importantly, you will need a securities account or broker willing to accept the Russian shares. In addition, the attestation (link below) confirming that there will be no change in beneficial ownership will be required under rules set in place by the Central Bank of Russia. You should be aware that there may also be restrictions applicable to your holdings of Russian shares, which you should discuss with the brokerage firm established to accept the Russian shares. You should be consulting with your broker / clearer. Should your broker have questions, I would encourage him/her to reach out to the contact details provided in the notice provided here: Cancellation fees are $5.00 per 100 DRs plus a cable fee of $17.50 for each instruction. Further updates can be found at on our website at Finally, there is not a great amount of additional guidance we can provide to individual investors. Your broker must play a role in any efforts to surrender your DRs and is it important that future queries be addressed from your broker to the contacts listed in the Notice provided in the above link. In addition to the above, Please refer to this general cancellation process for DTC eligible ADRs: 1)Deliver the DRs via DTC to BNY Mellon DR DTC account 2504. Indicate in the comment field, “See email instructions” OR please note that we can also accept any instructions (see “e” below) that have been sent in the comment field with the DTC shares. BNY Mellon will then charge an applicable cancelation fee (please contact for more information regarding fees) 2) Create delivery instructions on company letterhead to send as a PDF attachment and include the following information: a) Security Name b) CUSIP Number c) Settlement Date d) Number of DRs e) Institution where the ordinary shares will be delivered to in the local market (name and BIC of bank or appropriate local delivery code, beneficiary name and beneficiary account number). 3) Email the instructions in the form of a PDF attachment from a group email address where at least one other person is copied on the email to Please note that we are not able to accept instruction in the body of the email. The email/pdf must be sent to us by the broker we are receiving the DRs from, and BNYM may need to perform an authentication callback back to that broker in order to validate the instructions. 4) After BNY Mellon DRs receives the DRs, valid instructions and fee payment, it will instruct its custodian to deliver the ordinary shares. Ensure that your custodian is set up to accept delivery of the ordinary shares from the below SSI’s: Our local account details are as follows :- RAIFEISSEN RZBM RZBMRUMMXXX *** GAZPROM ONLY *** ML1302070023/DR000000000000000 NSDR/MC009800000 *** ALL OTHERS *** ML9801290070/DR000000000000000 NSDR/MC0054300000 PSET : NADCRUMMXXX Paying by Fedwire: (amounts over 500,000 DRs) FED WIRE PAYMENTS TO REMIT: Bank Name: The Bank of New York Mellon ABA: 021000018 Beneficiary Name: BNY Mellon Depositary Receipts Beneficiary A/C : GLA111594 DR Business Attn: DR SETTLEMENTS Ref: ADR Fees for RU CANC /NAME OF PROGRAM/ AMOUNT OF DRS BIC: IRVTUS3NADR We can also accept payment via DTC SPO Regards, Anthony Garvey BNY Mellon Intermediate Representative|Operations | Depository Receipts Operations 6023 Airport Road Oriskany, NY 13424
      • Thank you fir this is important information. Indeed, your broker needs to send the transfer application to bny mellon.
  7. Converting depositary receipts to be possible without appealing to foreign infrastructure – Central Bank MOSCOW. June 15 (Interfax) – The holders of depositary receipts that have been blocked from conversion owing to sanctions restrictions will be able to convert their receipts through a Russian depository without needing to appeal for operations with a foreign infrastructure; and the Central Bank of Russia (CBR) has participated in drafting amendments to the federal law on terminating programs of depositary receipts, the regulator’s press service has told Interfax. The amendments envisage a special procedure for converting depositary receipts into Russian shares for owners who could not use the mechanisms of the depositary agreement, the press service specified. “In cases of converting with a sanction element on the part of the issuer or the owner, a declarative procedure for converting through a Russian depository is provided without the need to appeal for operations to foreign infrastructures,” the press service answered in response to an Interfax inquiry. According to the CBR, automatic conversion will be provided without appealing to foreign nominal holders for those owners whose rights are recorded in Russian depositories. The CBR stressed that the amendments have been drafted in order to prevent investors from losing their investments.
  8. I’ve opened the type C account in Gazprombank. Then, I’ve contacted BNY Mellon by phone who told me that I needed to check the transfer with my Broker. I’ve contacted Interactive Broker who answered me they can’t transfer my ADRs to Gazprom Bank as there are some sanctions. Hence as of today I have no ways to transfer my shares.
    • IB is working on solving this issue and will update all customers when its doable.
      • Thanks, I hope they’ll solve it before Aug 3rd!
  9. Is anyone dealing with hargreaves lansdown? Can’t get anything meaningful from them. Does anyone have text with initial explanation/request which we could use as a template to explain what’s required?