Roman Hauk @Haukro: "$SBER.MOEX $ATADL.L $NVTKL.L $ROSNL.L $OGZDL.L..."

Slovakia

$SBER.MOEX (Sberbank Moscow) $ATADL.L (Tatneft OAO-ADR) $NVTKL.L (NOVATEK OAO) $ROSNL.L (Rosneft OAO) $OGZDL.L (Gazprom OAO-ADR) $MNODL.L (MMC Norilsk Nickel OJSC-ADR) $SVSTL.L (Severstal PAO) Based on yesterday's video, I got a question about the frozen Russian ADRs, so I dug into this for everyone holding these in their portfolio (SBER, ROSN, TATN, NVTK, CHMF, GMKN, GAZP). Here's what I found. All seven underlying companies still trade normally on the Moscow Exchange in rubles, so it's not that the businesses disappeared, it's the London-listed ADRs and GDRs that got hit. Four of them are the worst case: Rosneft, Severstal, Nornickel and Gazprom had their depositary programs or London listings formally terminated. Those exact instruments won't just resume trading once sanctions lift, the only paths left are conversion into ordinary MOEX shares or some future cash settlement. Novatek sits in between, its London listing is permanently gone but the GDR program technically still exists. Tatneft has the best shot at recovery since its ADR is only suspended, not terminated, Citi still lists it as active. Sberbank is a completely different situation, it's a local Russian share, blocked purely by sanctions, custody and MOEX access, not a dead program. I originally put $3,550 into these six ADR/GDR positions. eToro currently marks them at $153.63 total, a 95.7% loss. If the units still map to the underlying shares at official depositary ratios, the equivalent MOEX value would be closer to $2,119. That gap tells me eToro's number is a frozen administrative valuation, not real economic value, and it doesn't mean eToro owes me the difference. Even a full removal of Western sanctions won't automatically fix this. Russia still restricts legacy holdings from "unfriendly" countries, and separate EU/US settlement infrastructure sanctions apply too. Every owner should asking eToro to confirm exact ISIN/CUSIP per position, whether they hold original certificates or just a contractual claim, and what the settlement process actually looks like. eToro should therefore confirm in writing for every position - The exact ISIN and CUSIP. Whether it still holds the original ADR/GDR, converted MOEX shares or only a contractual claim. The current number of underlying ordinary shares after all conversions and stock splits. The depositary and final custodian holding the securities. Whether eToro participated in any automatic or forced conversion between 2022 and 2024. Whether any unpaid dividends are being held or recorded. What settlement process will be used for the terminated depositary programmes. Treating this capital as locked indefinitely until you get real answers... ✌️😎

Not investment advice. The author may have financial interests in the mentioned instruments.