Norilsk Nickel receives government permission to trade depository receipts on foreign exchanges

Norilsk Nickel, the world's largest producer of nickel and platinum group metals, has received government permission to continue placing its depositary receipts on foreign exchanges, attracting investments.
In a press release published yesterday, Norilsk Nickel notified American depositary receipt (ADR) holders that the Government Commission on Control of Foreign Investments in the Russian Federation (the Commission) has approved the Company’s request to maintain the circulation of its ADRs outside of the Russian Federation for a duration of one year (since the approval was granted) until April 28, 2023.
“Metals giant Nornickel (GMKN.MM) has become the first Russian company to be granted permission by a government commission to keep its listing abroad - for one year for now," Reuters reported, noting that such approval has been needed since President Vladimir Putin in April signed a bill requiring Russian companies to delist their depositary receipts abroad in a bid to reduce foreigners' control over these firms.
Russian steelmakers NLMK and MMK, gas producer Novatek and firms such as Sistema, Magnit and En+ said they have also applied for a similar permission. The result of their applications is yet to be disclosed. A request by Russian gas giant Gazprom was rejected and the company expects delisting of its depositary receipts on May 31, Reuters said.