Online broker eToro has provided an update regarding the status of Russian stocks.

Under a forthcoming Russian law, Russian securities (issued under Depository Receipts programs – “DR”) suspended on LSE may be canceled and replaced by other stocks (“Replaced Securities”), which would then be traded on Russian markets. This means that the Russian stocks currently suspended on the London Stock Exchange may be ‘moved over’ to a different exchange or market.

The broker says it is not clear whether it and/or related custodians will be able to accept the Replaced Securities or whether any existing client holdings in the DR will be exchanged for the Replaced Securities. However, eToro will continue to monitor the situation.

You can view the full statement by eToro below:

Important Update about Russian Stocks

In response to the many comments on this subject as of late, we want to provide an update on the status of the Russian stocks currently suspended on the London Stock Exchange (LSE).

Under forthcoming Russian law, such Russian securities (issued under Depository Receipts programs – “DR”) may be canceled and replaced by other stocks (“Replaced Securities”), which would then be traded on Russian markets. This means that the Russian stocks currently suspended on the London Stock Exchange may be ‘moved over’ to a different exchange or market.

At present, it is *not* known whether eToro and/or related custodians will be able to accept the Replaced Securities or whether any existing client holdings in the DR will be exchanged for the Replaced Securities.

IMPORTANT: The paragraph above is NOT at the discretion of eToro. eToro is monitoring the situation with respect to these Russian stocks (securities) and we will provide more updates as soon as there are any further developments. As it currently stands, there will be no changes to existing manual or copied positions.

Thank you,

– The eToroTeam