MOSCOW, June 7. /TASS/. The ADRs (American Depositary Receipt) and shares of Lukoil are no longer admitted to trading on London Stock Exchange (LSE), the Russian oil major reported.

The date of delisting is June 7.

Earlier reports said that Lukoil had notified the UK’s Financial Conduct Authority (FCA) and London Stock Exchange of its intent to cancel the listing and admission to trading. The company also advised Citibank N.A. of its intent to terminate its ADR facilities, effective December 30, 2022. Persons who held ADRs as of April 27, 2022, may convert them into ordinary shares of the company by December 30, 2022, Lukoil noted.

Russian President Vladimir Putin signed the bill on delisting of depositary receipt of Russian companies from foreign platforms with their following conversion into Russian securities into law on April 16. The law came into force on April 27. The circulation of securities on foreign trading platforms stops ten days after the law enforcement. After that companies are to perform necessary actions for termination of contracts on receipt placement within five days. The holders of securities will be enabled to convert them into shares on the Russian stock market.